Aveva confirms revised proposal from Schneider Electric

(ShareCast News) - Aveva has received a revised and conditional proposal from Schneider Electric SE to combine with that company's Software Business in exchange for new Aveva shares and a significant cash payment.The cash payment would be distributed to Aveva's current shareholders upon completion, it said, responding to media speculation about the proposed transaction.The potential deal, if consummated, would see Schneider Electric own a majority equity stake in the enlarged Aveva, which was intended to remain listed on the London Stock Exchange.At 15:12 BST, shares in Aveva were up 9.88% to 1858p.Talks between the FTSE 250-listed energy industry software provider and its French counterpart fell apart at end-2015 after due diligence revealed it would be harder than expected to carve out Schneider's own software assets from the rest of the company.The intention had been for the French energy giant to take a majority stake in Aveva in exchange for £550m in cash.