(Alliance News) - Aveva PLC is edging closer towards a deal which will see the company be taken over by French industrial group Schneider Electric SE, Sky News reported on Monday.
Sky News reported that the boards of both companies are in discussions over a price of at least GBP30 per share, for Schenider to acquire the remaining 40% stake in Cambridge-based industrial software firm Aveva that it does not own.
The price values the 40% interest up for grabs at around GBP3.5 billion. It also values Aveva in its entirety at around GBP9 billion.
According to sources, a deal is expected to be announced before the deadline of September 21.
https://news.sky.com/story/software-company-aveva-nears-agreement-on-9bn-schneider-buyout-12695973
Shares in Aveva closed marginally higher at 2,946.35 pence on Monday in London, with a market cap of GBP8.90 billion. Schneider Electric's shares ended 2.8% higher at EUR129.60 in Paris.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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