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SCHNEIDER SA LAUNCHES TENDER OFFER FOR TELEMECANIQUE ELECTRIQUE

Schneider SA, with 12.1% under its belt, has now formally launched its planned tender offer for another 43.3% of the shares of industrial controls specialist Telemecanique Electrique SA, offering FF3,900 a share, a 4.8% premium on the pre-suspension price: the hotly opposed offer, which would give Schneider 53.5% on a fully-diluted basis, values the company at some $1,070m.

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