A takeover tussle between Italian company Prysmian and Tianjin Xinmao of China for control of Dutch cable maker Draka highlighted how Europe could look to preserve its industrial base in the face of rising Chinese corporate power.
The Chinese offer started out as a friendly affair. After Flint Holding – the investment vehicle of the Dutch Fentener van Vlissingen family, which held a 48.5 per cent stake in Draka – announced in October it was considering a bid by French cable manufacturer Nexans, the company’s management began seeking other offers.
Their enquiries drew out two offers within hours of each other on November 22.
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