Schneider to take 88% of PDL

The sale will increase Schneider's current holding from around 28% to 88%, taking into account the Stewart family holding of just under 60%.

Schneider says it plans to accelerate PDL's current strategy and in particular use its worldwide sales network to market PDL's electrical and electronic products offshore.

Schneider, with annual sales of $19.6 billion and a market capitalisation of $20.8 billion, is currently in a friendly merger process with another major French company, Legrand. The combined group will have a market cap of around $25 billion.

Christchurch-based PDL was founded over 60 years ago by Sir Robertson Stewart and manufactures a range of electronic and electrical products in New Zealand, Australia, Malaysia and China. The company had sales last year of $350 million.

Schneider began building its stake in PDL in February at a price of $5.20 although that price was soon pushed up by Hong Kong-based Gold Peak industries, which also began buying PDL shares.

No details on the price being paid for the Stewart holding has yet been disclosed although it is likely to be around the $10.00 mark.

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