(Alliance News) - Schneider Electric SE on Wednesday confirmed that the bridge financing facility that it entered in September in order to finance its takeover of Aveva Group PLC now totals GBP2.41 billion.
Schneider said its financial adviser, Citigroup Global Markets Ltd, confirmed that the Paris-based company has "sufficient resources" to complete the takeover.
Earlier this month, Schneider increased its cash offer for the 41% of the Cambridge, England-based industrial software firm 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 up 0.2% at 3,180.00 pence in London on Wednesday afternoon.
Last week, Aveva said Schneider's offer had received the support of 4.1% of Aveva shareholders. This equates to 10% of all shares not held by Schneider.
In a report late Tuesday, the Daily Mail claimed that Schneider's offer is "on a knife edge" due to mounting opposition from minority shareholders. The newspaper noted that approval of the takeover requires 75% support from minority shareholders at a general meeting set for Friday.
https://www.dailymail.co.uk/money/markets/article-11458801/Schneider-Electrics-swoop-Aveva-hanging-balance.html
By Tom Waite; thomaslwaite@alliancenews.com
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