New governance principles for the long-term partnership between Invexans and Nexans
Paris, May 22, 2014 – The Board met on May 22, 2014 under the Chairmanship of Frédéric Vincent to examine a request by Invexans, a Quiñenco subsidiary, to terminate their agreement dated March 27, 2011, as modified by the amendment of November 26, 2012.
In light of the long term commitment undertaken by Invexans, as set out in the letter reproduced in the appendix hereto, and of the long-term partnership between Nexans and Invexans, the Board of Nexans has approved the termination of such 2011 agreement as amended in 2012 and has authorized the Chairman and CEO to accept on behalf of Nexans the terms of Invexans’ letter, pursuant to applicable law in connection with related-party transactions.
Pursuant to this letter, Invexans undertakes not to ask for a board representation in excess of three non-independent members in a Board of fourteen members or, if the Board were to be enlarged, in excess of a number of directors proportionate to its shareholding.
Frédéric Vincent, Chairman and CEO, declares: “Speaking in my name and on behalf of the Board, I am pleased that Invexans confirms its support of Nexans while maintaining a balanced Board representation. Invexans now has the same rights and duties as all other shareholders within the Group, with the exception of its abovementioned long-term commitment. Invexans’ intentions have also been clearly affirmed by the press release that it issued of today”.
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Nexans brings energy to life through an extensive range of cables and cabling solutions that deliver increased performance for our customers worldwide. Nexans’ teams are committed to a partnership approach that supports customers in four main business areas: Power transmission and distribution (submarine and land), Energy resources (Oil & Gas, Mining and Renewables), Transportation (Road, Rail, Air, Sea) and Building (Commercial, Residential and Data Centers). Nexans’ strategy is founded on continuous innovation in products, solutions and services, employee development, customer training and the introduction of safe, low -environmental- impact industrial processes. In 2013, Nexans became the first cable player to create a Foundation to introduce sustained initiatives for access to energy for disadvantaged communities worldwide. We have an industrial presence in 40 countries and commercial activities worldwide, employing close to 26,000 people and generating sales in 2013 of nearly 6.7 billion euros. Nexans is listed on NYSE Euronext Paris, compartment A. For more information, please consult: