Schneider Extends Tender Offer For Telvent GIT To Sep 12
23 August 2011 - 10:15AM
Dow Jones News
French electrical engineering and power management company
Schneider Electric SA (SU.FR) said Tuesday it had extended its
tender offer to buy 100% of software maker Telvent GIT SA (TLVT)
until Sept. 12.
Schneider said it had obtained all the regulatory authorizations
to go ahead with the deal, but for Serbia's competition watchdog
that is due to give its advice by Sept. 8.
The company previously said investors had already handed over
98% of the outstanding shares in Telvent as of Aug. 2
Schneider Electric offered $40 for each share of Telvent and the
operation values Telvent at about EUR1.4 billion.
Spanish engineering and renewable energy company Abengoa SA
(ABG.MC) agreed to sell its 40% stake in Telvent to Schneider
Electric and some Abengoa managers also agreed to sell a 1.5% stake
they hold in Telvent.
Schneider had already extended the tender offer in late July and
early August.
-By Gabriele Parussini, Dow Jones Newswires; +33 1 4017 1740;
gabriele.parussini@dowjones.com
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