(Alliance News) - Aveva Group PLC on Wednesday said its planned takeover by Ascot Acquisition Holdings Ltd, an indirect subsidiary of French energy management company Schneider Electric SE, satisfied all regulatory conditions.
The takeover of Cambridge, England-based industrial software firm Aveva remains subject to the sanction by a court and the delivery of the sanction to the registrar of companies.
Aveva said the court hearing is scheduled for January 16. It expects the takeover to complete on January 18.
Last Tuesday, Aveva reported that the UK Secretary of State for Business, Energy & Industrial Strategy has decided no further action needs to be taken regarding the takeover.
Earlier this month, Schneider increased its cash offer for the 41% of Aveva shares that it doesn't already own. Schneider is offering 3,225 pence in cash for each Aveva share, which values Aveva's equity at GBP9.86 billion and implies an enterprise value of GBP10.57 billion.
Aveva shares were 0.2% on Wednesday afternoon in London. Meanwhile, Schneider Electric shares fell 1.4% to EUR139.14 each in Paris.
By Tom Budszus, Alliance News reporter
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