UNQUOTE

FRANCE - Wendel looks beyond France

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As Wendel Investissement finalises its flotation of Legrand, which it acquired for EUR 3.63bn from Schneider in December 2002, it has announced its move to acquire companies outside France. It currently has some EUR 1.03bn in equity to dedicate to potential buyouts across Europe.

Wheelabrator Allevard, which Wendel sold to LBO France’s for EUR 373m last year, was the group's last remaining link with the steel industry, which had been its core focus when it was founded in 1704. The Wendel group had previously had sole ownership of France’s steel works until their nationalisation in 1977.

Jean-Bernard Lafonta stepped in as CEO of the group four years ago, before the group merged with CGIP to become Wendel Investissement in June 2002. The group is 36.4% owned by the family holding, Wendel Participations, with the remaining 63.6% shareholding quoted on Euronext. Since then, it has been selling off some of its major longstanding portfolio companies, such as Cap Gemini, Valeo, bioMérieux and Trader Classified Media. Significant new acquisitions include the EUR 660m buyout of Editis from Lagardère in May 2004 and its on-going EUR 2bn acquistion of Materis from LBO France, which due to complete at the end of April.

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