MONTREAL--(BUSINESS WIRE)--Sept. 22, 2000--Westburne
Inc.(TSE:WBI.) announces that the shareholders of Westburne have
approved today at a special meeting the Agreement for the acquisition
by Rexel S.A. of all the outstanding shares of Westburne for a price
of $22.75 (Canadian) per share for a total cash consideration of $987
This acquisition, effected through a Plan of Arrangement has been
sanctioned by the Superior Court of the Province of Quebec, and has
received all necessary regulatory approvals. The closing of the
Transaction which shall occur following the completion of the
reorganization of Westburne's corporate structure, is expected to take
place on Monday September 25, 2000.
Listed on the Toronto Stock Exchange, Westburne with sales of
$2.47 billion (Canadian) in 1999, is the leader for the distribution
of electrical supplies in Canada and holds a major position in the
United States. Westburne is also an important distributor of products
in the following sectors: Plumbing and Waterworks, Refrigeration and
HVAC and Industrial products.
Westburne has approximately 6,000 employees and a network of 546
branches including 143 branches in the United States. As part of the
Rexel Group, Westburne will benefit from additional means to continue
its growth strategy in North America.
Rexel S.A., a world leader in the distribution of electrical
supplies, generates revenues of $8,5 billion (Canadian), 70% of which
is from outside France. With a presence on four continents and 30
countries, Rexel has 20,000 employees and a network of more than 1,600
branches. A subsidiary of the Pinault-Printemps-Redoute group, one of
the world leaders in the specialized distribution industry, Rexel is
listed on the Paris Bourse.
This transaction will enable Rexel, which generated $2 billion
U.S. in sales in the United States in 1999, to reinforce significantly
its position in North America, the world's leading market for the
distribution of electrical supplies. Rexel now moves from the fifth to
the third ranking in the North American market while entering the
Canadian market in a leadership position.
The Head Office of Rexel Canada Inc, the entity in Montreal and
its shares are traded on The Toronto Stock Exchange (WBI).
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