City Of London
Schneider Electric Nears £9.4 Billion Aveva Buyout in One of Year's Biggest UK Deals
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Schneider Electric SE is nearing an agreement to buy out minority shareholders of Aveva Group Plc in a deal valuing the industrial software developer at about £9.4 billion ($10.6 billion), people with knowledge of the matter said.
The French industrial conglomerate is in advanced talks about a potential bid of around £31 per share, according to the people, who asked not to be identified because the information is private. That would represent more than a 40% premium to Aveva’s closing price on Aug. 23, the last full trading day before Bloomberg News first reported the potential bid.