Nexans in Favorable Settlement with Madeco of ICC Arbitration Regarding Purchase Price Adjustment
January 14, 2011
On January 14, 2011, our client Nexans, the French company that is the worldwide leader in the cable and cabling systems industry, entered into an agreement with the Chilean manufacturing company Madeco, settling an ICC arbitration that Madeco had commenced against Nexans in July 2009. The dispute centered around the post-closing purchase price adjustment for the February 2008 transaction under which Nexans purchased Madeco’s cable and wire business in South America. The settlement resulted in a reduction of the purchase price paid by Nexans in the amount of US$14,885,000.