MergerMarket
Prysmian/General Cable assigned case team amid pre-notification talks
Prysmian Group [BIT: PRY]’s proposed acquisition of General Cable [NYSE: BGC] has been assigned a case team amid the ongoing pre-notification discussions with the European Commission (EC), according to a source close to the situation.
The parties are now working on a draft Form CO, the source said. Data gathering is expected to be relatively simple since the companies have all the information they need to proceed with the filing, the source added.
Notification is therefore expected relatively shortly, though a firm timeline has not been determined yet, the source noted.
The companies announced on 4 December that they had entered a definitive merger agreement under which the listed Italian cables group will acquire General Cable for USD 30 a share in cash.
Though the EC is likely to zoom in on potential horizontal effects, the parties are confident that they will obtain the approval “very easily” given their limited geographical overlaps, as reported.
The deal will need approval also by US competition agencies, according to a regulatory filing.
Prysmian and General Cable did not return requests for comment.