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France : New governance principles for the long-term partnership between Invexans and Nexans.

The Board met on May 22, 2014 under the Chairmanship of Frederic Vincent to examine a request by Invexans, a Quinenco 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.

Frederic 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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Publication:Mena Report
Date:May 23, 2014
Words:239
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