Some big pieces are in play in distribution M & A again, including European distributors with extensive North American operations. French-based electrical distributor Sonepar’s unsolicited bid for Dutch-based Hagemeyer looks like the first low-ball shot across the bow in what likely will be a longer process of negotiating the price. Beyond price, the question may be whether the cultures of the French and Dutch-based companies can mesh.

With Hagemeyer teetering at the edge of a financial cliff just a few years back, its positioning looks better today. As our lead article in MDM this week notes, the big attraction for Sonepar is Hagemeyer’s strong North American industrial business. …