PARIS (Standard&Poor's) Dec. 22, 2003--Standard&Poor's Ratings Services said today that its ratings and outlook on Schneider Electric S.A. (A/Stable/A-1) remain unchanged, following an announcement by the group that it will acquire 67.7% of the remaining interests in France-based leading supplier of secured power devices MGE-UPS (not rated), in which it already owns a 32.3% stake. The acquisition will cost €836-€855 million (including €283 million of debt assumed) and will be carried out in first-quarter 2004, excluding an estimated €105-€124 million earn-out component payable in 2006. This transaction closely follows Schneider Electric's acquisitions of TAC (not rated) and the electrical wiring devices division of Australia-based Gerard Industries Pty. Ltd (not rated) earlier this year. Besides the possible
