Deals
Aveva Plunges After Schneider Electric Takeover Plan Ends
- Companies cite risk for escalating costs from integration
- ``Our M&A search will go on,'' Aveva CEO Longdon says
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Aveva Group Plc shares plummeted after the company ended talks to sell a majority stake to Schneider Electric SE on risk that the cost of combining their industrial-software operations would be higher than anticipated.
The companies terminated the talks by mutual consent, Cambridge, U.K.-based Aveva said in a statement Tuesday. The companies identified “significant integration challenges” that would have resulted in “considerable additional risk and cost,” Aveva said.