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Technology Stocks : Alcatel (ALA) and France
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To: Steve Fancy who wrote (1124)1/14/2000 5:15:00 PM
From: Steve Fancy   of 3891
 
Thomson-CSF Makes Agreed Offer For Racal Electronics

Dow Jones Newswires -- January 13, 2000

LONDON -- Thomson-CSF SA (F.CSF) Thursday made an agreed 450 pence a share for Racal Electronics PLC (U.RCA), valuing the target at around GBP1.32 billion.

Thomson expects cost savings from the acquisition to total at least EUR50 million by the second full year following completion.

Restructuring costs are expected to be around EUR40 million in the first full year following completion.

Thomson said that even without taking into account any synergies the transaction will be earnings enhancing before goodwill amortization from the first full year.

Thomson said the acquisition will strengthen its position in defense electronics and accelerate the development of its growing high-technology commercial electronics activities. The French company said Racal's industrial electronics businesses are a key attraction of the acquisition and will complement its existing civil businesses.

The offer represents a premium of around 4.7% on Racal's closing price Wednesday of 430 pence.

The offer has been unanimously recommended by the directors of Racal, and Thomson has received undertakings to accept the offer from them representing around 1.68% of Racal's share capital.

As part of its expansion plans into the U.K., Thomson said it plans to seek a listing of its shares on the London Stock Exchange.

Thomson said new management appointments, which are expected to include key positions for current Racal employees both in the U.K. and in wider global roles, will be announced at or shortly after completion.
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