Schneider falls on sweetened bid

June 8, 2001
Web Posted at 0852 GMT

PARIS, June 8 (Reuters) - Shares in French electrical equipment maker Schneider Electric (PSU) dropped 2.14 percent to 68.6 euros after the firm sweetened its friendly takeover bid for peer Legrand.

The bid was revised to appease minority share holders who had persuaded a court to block the merger between the two electrical equipment groups.

At 0705 GMT Legrand shares were trading up 0.72 percent.

Both group's shares had been suspended on Thursday ahead of the announcement.

Legrand's preferred shares were trading up 5.03 percent at the start.

Based on Wednesday's closing price of 70.1 euros for Schneider shares, the initial offer was valued at 6.24 billion euros; the new terms raised the value to 6.42 billion. The boards of both companies unanimously approved them.