15 Dec 2015 07:00
AVEVA Group plc
Termination of talks with Schneider Electric
15 December 2015 - Cambridge, U.K. - AVEVA Group plc ('AVEVA'; stock code: AVV), one of the world's leading providers of engineering data and design IT systems, announces that following a period of extensive due diligence the Boards of AVEVA and Schneider Electric have been unable to reach agreement and discussions have been terminated by mutual consent. The previously announced terms of the transaction were non-binding and as a result no break fees are payable by either party.
During the due diligence process significant integration challenges were identified that could not be overcome without considerable additional risk and cost. This was exacerbated by the highly complex structure of the proposed transaction. As a result, the Board has determined that the anticipated uplift in shareholder value was unlikely to have been realised to the extent previously considered.
Following the announcement of the interim results on 10 November 2015, the Board confirms that AVEVA's trading has continued in line with the Board's expectations and the Board's view on the outlook for the full year remains unchanged.
A copy of this announcement will be available at www.aveva.com.
Enquiries:
AVEVA Group plc | Via FTI Consulting |
Philip Aiken, Chairman Richard Longdon, Chief Executive Officer James Kidd, Chief Financial Officer Derek Brown, Head of Investor Relations | |
FTI Consulting LLP | Tel: 020 3727 1000 |
Edward Bridges / Dwight Burden / Emma Appleton |
AVV.L (AVV)