PARIS — Legrand France, a subsidiary of Legrand (Euronext: LR), has purchased Cogelec Développement, giving it a controlling stake in Cogelec (Euronext Growth: ALLEC). The acquisition, finalized Oct. 7 following a July 31 agreement with Cogelec’s management and investor Raise Investissement, gives Legrand France indirect ownership of more than 60% of Cogelec’s share capital and 75% of its voting rights, based on a price of 29 euros per Cogelec share.
Legrand France will soon file a draft mandatory simplified tender offer to acquire the remaining shares of Cogelec that it does not indirectly hold at a price of 29 euros per Cogelec share. If the thresholds allowing it are crossed at the end of the tender offer, Legrand France would request the implementation of a squeeze-out procedure under the applicable legal and regulatory conditions in order to acquire the Cogelec shares not acquired during the tender offer.
To reflect Legrand’s acquisition of the controlling stake in Cogelec, the composition of Cogelec’s board of directors has been adjusted and now consists of four directors representing Legrand (Ms. Emmanuelle Levine, Mr. David Descamps, Mr. Yriex Roullac and Mr. Franck Lemery) and three historical directors (Mr. Roger Leclerc, Ms. Dominique Druon and Ms. Brigitte Geny, these two latter being independent directors).
Leclerc will continue to serve as Chairman and Chief Executive Officer until the appointment of a new Chief Executive Officer no later than December 31, 2025. He will also continue to serve as Chairman of the board of directors until June 30, 2026.
Tagged with acquisition, Legrand