China’s Xinmao pulls out of Draka bid

Chinese cable maker Xinmao announced on Thursday it is pulling out of its bid for Dutch peer Draka.

Xinmao said there is not enough time to make a competing bid against the Italian group Prysmian, according to news agency ANP. Counter bids must be in by February 3.
The Chinese company made a €;20.50 cash offer while Prysmian has bid €17.20 in cash and shares. Draka has already endorsed the rival offer.
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