France’s Schneider Electric mulls bid for FTSE 100 firm Aveva
The business said that it is considering bidding for the remaining shares.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.France’s Schneider Electric said it might move to buy Aveva, a FTSE 100-listed software company.
Responding to reports, the business said that it is considering bidding for the remaining shares in Aveva that it does not already own.
Schneider holds around 60% of Aveva’s shares.
“Schneider Electric confirms that it is considering a possible offer for the entire issued, and to be issued, share capital of the company not currently owned by Schneider Electric,” it said in a statement on Wednesday.
“No proposal has been made to Aveva yet and there can be no certainty that any offer will be made, nor as to the terms on which any offer will be made (should one be made).”
Shares in Aveva soared by more than a quarter following the news.
It now has until the close of play on September 21 to make a firm bid for the company or to walk away without making an offer.
“Whether or not an offer is made, Schneider Electric remains committed to Aveva, to its agnostic and autonomous business model and to its employees,” the company said.
“Schneider Electric believes that a full combination of Aveva and the software business of Schneider Electric will reinforce Aveva, and enable it to execute its growth strategy faster.”
Schneider called the UK one of its most important markets.
It has around 4,000 employees here, at 14 sites across the country.
Aveva said that it had seen Schneider’s statement, but it had not heard directly from the potential bidder.
“No approach has been received by Aveva and Aveva notes Schneider Electric’s statement that there can be no certainty that any offer will be made, nor as to the terms on which any offer will be made (should one be made).
“Any such proposal, if and when received, would be evaluated by an independent committee of the board of Aveva, together with its advisers.”