Friendly takeover in Canada

The Canadian builders’ merchant group Canwel is taking over Sodisco-Howden. The latter also operates as a wholesaler in the field of hardware and home improvement materials in Canada, supplying more than 2 000 independent dealers. Among these are 789 sales outlets under the Pro and Ace brand names that are involved in the retail trade as well. Net sales amounted to the equivalent of € 1.060 bn in 2003. The management of the company has agreed to a takeover offer amounting to CDN $ 64.3 mio (€ 41.7 mio) for the shares that are still outstanding. Canwel already had shares in Sodisco prior to the takeover.