Schneider Electric sets new meeting to vote on corporate conversion

By Tali Rackner

Norfolk, Va., March 27 - Schneider Electric SA set a bondholders' general meeting for April 15, where they will discuss approval to convert its corporate form to a European company (Societas Europaea) from a societe anonyme, according to a company notice.

There was no quorum at the first meeting, which took place on March 26.

As previously reported, a Societas Europaea can register in any member state of the European Union and transfer to other member states. The structure is meant to simplify doing business in the European Union and facilitate cross-border mergers, among other things.

The company noted that the conversion will not result in either the winding up of the company or the creation of a new legal person.

The holders of the following bonds will vote at meetings at the company's headquarters:

• Dollar-denominated floating-rate bonds due July 2014;

• 5.375% bonds due January 2015;

• 2.875% bonds due July 2016;

• 0.8463% Japanese yen-denominated bonds due December 2016;

• 3.75% bonds due July 2018;

• 3.5% bonds due January 2019;

• 3.625% bonds due July 2020; and

• 2.5% bonds due September 2021.

The company said the board of directors will also consult the holder of its 0.849% yen-denominated bonds due 2016.

Bondholders who do not plan to attend the meeting in person or by proxy may vote by correspondence. They should contact BNP Paribas Securities Services' M.M. Olivier Beubernard (33 1 42 98 06 58 by phone or 33 1 40 14 58 90 by fax) no later than April 11.

Schneider Electric is an energy management company based in Rueil-Malmaison, France.

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