- Reuters
UPDATE 2-Italy's Prysmian aims to deliver Encore deal benefits faster
Italy's Prysmian aims to reap the benefits from its purchase of Encore Wire faster than initially envisaged, the CEO of the world's biggest cable maker said on Thursday, as it predicted 2024 results at the upper end of its estimates. Milan-based Prysmian last month announced the $4.2 billion acquisition of Encore Wire to expand in its North American profit powerhouse. Chief Executive Massimo Battaini told analysts the process was going well and no major issues were expected.
- Barrons.com
Encore Wire Stock Surges on $4.2 Billion Takeover by Italy’s Prysmian
Encore Wire stock was surging Monday after the copper and aluminum cable and wire maker announced that it has entered into an agreement to be acquired by Prysmian for about €3.9 billion, or $4.2 billion. Prysmian an Italian cable maker, will pay $290 a share in cash to buy Encore a premium of 11% to the stock’s closing price on Friday of $260.98. “This transaction maximizes value for Encore Wire shareholders and provides an attractive premium for their shares,” Encore Chief Executive Daniel Jones said in a press release.
- Reuters
Cable giant Prysmian to buy Encore Wire in $4.2 billion deal
Italy's Prysmian announced a deal to buy US firm Encore Wire at an 11% premium as it doubles down on a North American market that already powers its profits.
