Thursday 09 December 2021

Cable maker Draka up for sale

Cable maker Draka has been put up for sale by one of the Netherlands’ wealthiest families, Fentener van Vlissingen, the Financieele Dagblad reports on Thursday, quoting financial sector sources.

French cable maker Nexans, Italy’s Prysmian and several private equity firms are interested in the family’s controlling 43.9% stake in Draka, the paper says.
If the sale goes through, the new owner will be required by law to bid for the remaining shares.

Share price

The paper says the family’s investment arm Flint Beheer wants between €17 and €18 a share for Draka, valuing the company at €850m. Nexans is believed to have offered €15.
Draka, listed on the Midkap index, posted a loss of €18.2m in 2009, as a result of the economic crisis. This year the company has cut 1,600 jobs worldwide and closed a number of production plants.

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