Naarden-based electrical goods trader Hagemeyer has agreed to a takeover by French rival Rexel for around €3.1bn cash. The Dutch company made the announcement on Friday morning.

Rexel is to sell on parts of Hagemeyer to French company Sonepar, including its activities in the US, Asia and some European operations. The turnover from these is around €2.7bn. Sonepar had earlier tried to take over Hagemeyer.
The transaction is expected to be completed in the first quarter of 2008.
Hagemeyer and Rexel have been in exclusive talks since November 12 after the French firm raised its offer to €4.85 per share.
This was 55% higher than Hagemeyer’s average share price in the month before October 9 when Rexel had made a provisional bid for the Dutch firm.