Hagemeyer shares rise on takeover rumors

Industrial Distribution staff -- Industrial Distribution, 10/1/2007 11:57:00 AM

Shares in Dutch electrical distributor Hagemeyer NV rose 12.5 percent on Friday and were up in early trading Monday amid continued takeover talk in European markets.

Over the weekend, Dutch media reported a large broker was preparing a bid of 4 euros per share for Hagemeyer, according to Reuters. Hagemeyer has been a subject of bid talk recently, though CEO Rudi de Becker said over the summer that the company is not for sale.

According to the Reuters report, a Dutch spokeswoman for Hagemeyer said the door is not completely closed to unsolicited takeover bids. French electrical giant Rexel has been named as a possible bidder, but the company declined to comment on Friday, Reuters reported.

Hagemeyer’s global sales were up 4.4 percent mid-year, the company reported in August  that sales for its North American division fell 12.8 percent in the same period.

Hagemeyer ranked 10th on INDUSTRIAL DISTRIBUTION’s 2007 Big 50 list of distributors, with 2006 sales of $1.88 billion.