Aveva Shares Leap on Schneider Electric Takeover Interest -- Update
24 August 2022 - 2:39PM
Dow Jones News
By Ian Walker
Shares of Aveva Group PLC rose as much as 39% on Wednesday after
Schneider Electric SE said it was considering a possible offer for
the outstanding shares of U.K. engineering and industrial-software
that it didn't own, but hasn't made any approach as yet.
The French energy management and automation group--which already
owns 59% of Aveva according to FactSet--said that there is no
certainty any offer will be made or on what terms. It has until
Sept. 21 to either make an offer or walk away under U.K. Takeover
Panel rules.
Aveva shares at 1155 GMT were up 709 pence, or 32%, at 2,901
pence, having peaked at 3,046 pence earlier in the session.
Schneider shares were up 0.8% at EUR129.06.
Schneider said that regardless of whether an offer is made it
remains committed to Aveva, to its "agnostic and autonomous
business model" and to its employees.
Schneider said it believes a full combination of the two
businesses would reinforce Aveva and enable it to execute its
growth strategy faster.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
August 24, 2022 08:24 ET (12:24 GMT)
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