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Prysmian in talks over potential acquisitions, won't overpay: CEO
April 12, 2017 / 3:55 PM / 7 months ago

Prysmian in talks over potential acquisitions, won't overpay: CEO

MILAN (Reuters) - Italy’s Prysmian (PRY.MI), the world’s largest cable maker, is discussing potential acquisitions but is not prepared to overpay, Chief Executive Valerio Battista said on Wednesday.

Prysmian, which manufactures telecoms and power cables, became the sector leader in 2011 when it bought Dutch rival Draka. It has continued to acquire small and medium-sized companies in recent years, in a sector that is fragmented and oversupplied.

“We’ve filed offers ... that have been rejected ... they didn’t like the price,” Battista told reporters after a shareholder meeting, adding some talks were ongoing.

He said one of the companies was medium-to-large sized but gave no details on potential targets.

In 2016 the group’s revenue rose 2.8 percent to 7.57 billion euros ($8 billion), with high-margin energy projects and telecoms cables driving growth.

Battista said he expected the telecom sector to continue to grow very quickly, with energy projects expanding, but at a slower pace than last year.

“Our mantra is it’s never enough, so we will have to find ways to grow further,” he said.

The manager, who took the helm of the company in 2005, said he aimed to be reappointed next year and serve another three-year term.

Editing by David Holmes

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