Schneider bumps up PDL purchase

French industrial giant Schneider Electric is seeking a further 4.99 per cent of Christchurch electrical and electronics manufacturer PDL.

That would bring Schneider's stake in PDL to 19.99 per cent, following its stand for 15 per cent in the market announced on Monday.

Schneider completed its 15 per cent bid at $5.20 a share, compared with the pre-bid price of $3.90. PDL closed down 15c at $5.05.

Forsyth Barr managing director Neil Paviour-Smith, acting for Schneider, said yesterday that the further 4.99 per cent would be bought at the same price of $5.20.

"Our client is conscious that not all the smaller shareholders looking to sell in to the stand in the market had an opportunity to complete their orders, and has decided to extend its offer for a further 4.99 per cent of the shares," Mr Paviour-Smith said.

The stand will remain open until tomorrow week.

"There are no conditions attached to this stand in the market and acceptances will be on a 'first come, first served' basis."

Schneider said on Tuesday that it was not making a takeover bid for the whole company, but was seeking a strategic shareholding.

Schneider is being advised by the investment banking team at PricewaterhouseCoopers.

Stewart family members, who own about 60 per cent of PDL, and the Stock Exchange were told on Tuesday that Schneider was the mystery bidder.

Schneider employs about 67,500 people round the world.

Its sales last year amounted to $17.9 billion.

- NZPA