Union agrees Draka closure moratorium

The takeover of cable maker Draka by Italian firm Prysmian is acceptable, the manufacturing union FNV Bondgenoten said in a meeting with management on Tuesday.

The union says it has reached agreement that no production sites in the Netherlands will be closed before March 2014 if Prysmian succeeds in its takeover bid.
No agreement has been made with rival bidder Xinmao of China.
Xinmao has offered €20.50 in cash for Draka – valuing the Amsterdam company at €1bn.
Prysmian earlier made a cash share offer worth €17.20 per share.

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