French electro-technical goods trader Rexel has made a €4.60 per share offer for Hagemeyer, valuing the Dutch trading group at €3bn.
French firm Sonepar, which earlier bid €4.25 a share for Hagemeyer, has withdrawn its offer.
If the Rexel bid succeeds, it will sell parts of the Hagemeyer on to Sonepar. Hagemeyer has already said it wants to remain independent.
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