Schneider Has Until Sept. 21 to Declare Aveva Takeover Intentions
Schneider Electric confirmed Wednesday it’s considering a “possible offer” to buy the 41% stake in the British software company Aveva that it doesn’t currently own. “No proposal has been made” to Aveva, “and there can be no certainty that any…
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offer will be made,” said Schneider. Under U.K. merger and takeover rules, Schneider has until the close of business Sept. 21 to announce a “firm intention to make an offer” for Aveva or declare its plans to walk away, said the company. Schneider believes a “full combination” of Aveva and the software business of Schneider will “reinforce” Aveva, “and enable it to execute its growth strategy faster,” it said.