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Hagemeyer and Rexel have entered exclusive negotiations aimed at finalizing an agreement under which Rexel would make an all-cash offer of & euro; 4.85 per share, approximately & euro; 3.1 billion in total, or US$4.5 billion. Under the agreement, Hagemeyer’s Management and Supervisory Boards would recommend Hagemeyer accept this offer. The offer is up from Rexel’s original bid of & euro; 4.60, which had valued the company at US$4.3 billion Rexel’s agreement with Sonepar will stand to sell Sonepar the American, Asian-Pacific and select European activities of Hagemeyer. More

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Rexel has made an offer to acquire the Dutch electrical and industrial distributor Hagemeyer NV, and has agreed to sell certain assets of Hagemeyer to Sonepar if its offer is accepted. The offer was made for & euro; 4.60 euro a share in cash, valuing Hagemeyer at & euro; 3 billion euro, a 47 percent premium over Hagemeyer’s average share price for the one-month period prior to Sonepar’s Oct. 9 offer. (At the current exchange rate of $1.43=& euro; 1, the valuation is US$4.3 billion.) Hagemeyer has rejected the offer, saying it undervalues the company. More
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Rexel, based in France, has acquired EIW Holdings in Western Australia. <a href="/issues/1_1/breaking-news/4523-1.html" ...

Two major distributors of industrial and oilfield PVF supplies, McJunkin Corporation, with nearly $2 billion in annual revenues,&nbsp ; and Red Man Pipe and Supply Company, nearly $1 billion in annual sales, have announced a merger of equals.” Charleston, WV, and Tulsa, OK , will serve as co-headquarters for the new company. McJunkin Corporation CEO and President H.B. Wehrle III and Red Man Pipe and Supply Company President and CEO Craig Ketchum will serve as Co-CEOs for the new company.&nbsp ; More …

Wolseley plc has reported it will close 24 more Stock Building Supply branches, primarily in the Midwest. The closures include a 370 headcount reduction. The announcement comes after …

Five U.S.&nbsp ; producers of steel nails have filed antidumping duty petitions alleging that dumped imports of nails from and the United Arab Emirates (UAE) are causing material injury to the domestic industry. The petitioners allege antidumping margins of 59 percent to 136 percent for and 98 percent to 114 percent for the UAE. The petitioners are Mid Continent Nail Corporation, Poplar Bluff, </state>MO; Davis Wire Corporation, Irwindale, </state>CA; Gerdau Ameristeel Corporation (Atlas Steel & Wire Division), <city ...