Prysmian to avoid large acquisition in the next two years and a half, CEO says

Reuters06-27

MILAN, June 27 (Reuters) - Prysmian CEO said on Thursday the cable maker would refrain from large M&A deals in the next two years and a half as it focuses on reducing its debt, which rose to 5 billion euros ($5.4 billion) to fund the acquisition of Encore Wire .

Chief Executive Massimo Battaini said Prysmian would still look at "mid-size" M&A opportunities in this period, adding he referred to potential companies with an enterprise value of 500 million euros.

Prysmian, the world's largest cablemaker, early this year announced the 3.9 billion euro acquisition of U.S. firm Encore Wire in a move aimed at bolstering its position on the North American market, its profit powerhouse.

($1 = 0.9352 euros)

(Reporting by Giulio Piovaccari, editing by Francesca Piscioneri)

((giulio.piovaccari@thomsonreuters.com))

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