French company Schneider considering a full buyout of AVEVA
PARIS — French company Schneider said on Wednesday it was considering an offer to buy out the whole of software company AVEVA and said it had until Sept. 21 to decide.
“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),” it said, adding it had until 1600 GMT on Sept. 21 to take a decision.
Shares in AVEVA, in which Schneider already owns nearly 60%, surged 32% in early afternoon trading, to give AVEVA a market capitalisation of around 8.6 billion pounds ($10.13 billion).
Schneider’s shares rose by 0.7%.
Schneider first swooped to buy the stake in AVEVA in 2017, in a deal that Schneider said would result in a combined company that would be better placed to serve a wide range of industries.
Aveva’s products are used to design and manage oil rigs, ships and chemical plants, while the French multinational spans electrical components, energy management and industrial automation systems.
($1 = 0.8488 pounds) (Reporting by Sudip Kar-Gupta, Paul Sandle and Julien Ponthus; Editing by Jason Neely and Edmund Blair)
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