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Italy's Prysmian Group has obtained valid approval from U.
S.
antitrust authorities to acquire rival General Cable for
approximately $3 billion.
Based on the latest developments, Prysmian said the waiting period for the Hart-Scott-Rodino Antitrust Improvement Act applicable to the proposed acquisition of General Cable will expire
on March 7, 2018.
This means that the deal has been approved
by the US antitrust agency.
In early December 2017, Prysmian Group announced an agreement
to acquire General Cable.
In February 2018, General Cable shareholders approved Prysmian Group's acquisition of General Cable
for approximately US$3 billion at a special meeting.
Approximately 75 percent of the total number of common shares issued and entitled to vote at the special meeting, representing approximately 99 percent of the total votes, are in favor of the merger
.
Prysmian Group is satisfied
that the majority of General Cable's shareholders have approved the acquisition.
However, the deal is now subject to further approvals and regulatory conditions, with Prysmian initially saying it expects to acquire
it in the third quarter of 2018.
The combined company brings together complementary geographic footprints, including increasing Prysmian Group's market presence in North America
.
Last May, Prysmian Group was awarded Verizon Communications a three-year, $300 million contract to supply cables that will provide the group with more than 17 million fiber kilometers of fiber optic cable and loose tube cable
.
Valerio Battista, CEO of Prysmian Group, said: "The acquisition of General Cable is a landmark moment for the Prysmian Group and a strategic and unique opportunity
to create value for our shareholders and customers.
Through the merger of two leading companies in the cable industry, we will increase our presence in North America and expand our presence in Europe and South America, further strengthening our position
in this area.
”
Prysmian Group opened a new fibre optic cable factory in Sratina, Romania, in June as part of a three-year €25 billion investment plan that the company described as "the largest of its kind in Europe"
.
Prysmian expects the combined group to employ around 31,000 people in more than 50 countries
.
Italy's Prysmian Group has obtained valid approval from U.
S.
antitrust authorities to acquire rival General Cable for
approximately $3 billion.
Based on the latest developments, Prysmian said the waiting period for the Hart-Scott-Rodino Antitrust Improvement Act applicable to the proposed acquisition of General Cable will expire
on March 7, 2018.
This means that the deal has been approved
by the US antitrust agency.
In early December 2017, Prysmian Group announced an agreement
to acquire General Cable.
In February 2018, General Cable shareholders approved Prysmian Group's acquisition of General Cable
for approximately US$3 billion at a special meeting.
Approximately 75 percent of the total number of common shares issued and entitled to vote at the special meeting, representing approximately 99 percent of the total votes, are in favor of the merger
.
Prysmian Group is satisfied
that the majority of General Cable's shareholders have approved the acquisition.
However, the deal is now subject to further approvals and regulatory conditions, with Prysmian initially saying it expects to acquire
it in the third quarter of 2018.
The combined company brings together complementary geographic footprints, including increasing Prysmian Group's market presence in North America
.
Last May, Prysmian Group was awarded Verizon Communications a three-year, $300 million contract to supply cables that will provide the group with more than 17 million fiber kilometers of fiber optic cable and loose tube cable
.
Valerio Battista, CEO of Prysmian Group, said: "The acquisition of General Cable is a landmark moment for the Prysmian Group and a strategic and unique opportunity
to create value for our shareholders and customers.
Through the merger of two leading companies in the cable industry, we will increase our presence in North America and expand our presence in Europe and South America, further strengthening our position
in this area.
”
Prysmian Group opened a new fibre optic cable factory in Sratina, Romania, in June as part of a three-year €25 billion investment plan that the company described as "the largest of its kind in Europe"
.
Prysmian expects the combined group to employ around 31,000 people in more than 50 countries
.
