China’s Xinmao presses ahead with bid for Draka

Chinese cable maker Xinmao said on Monday it is pressing ahead with its €20.50 cash offer for Dutch peer Draka and said Draka’s support is no longer necessary to ensure the financing.

Draka has already endorsed a rival offer from Italian group Prysmian which values the Dutch cable maker at around €830m.
By obtaining a written guarantee for the financing from the China Minshen Banking Corporation, Xinmao is keeping the way open for a hostile bid, the Financieele Dagblad said.
Xinmao said at a news conference on Monday the takeover will not lead to job losses and operations will not be closed or relocated.
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