Deals
Aveva Investors Back Schneider’s $11.9 Billion Takeover
- Some 83% of investors voted in favor, according to a statement
- The acquisition now faces a final court hearing in 2023
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Aveva Group Plc shareholders backed a £9.9 billion ($11.9 billion) buyout offer from Schneider Electric SE, after a prolonged battle from investors who wanted a higher price for the UK software company.
Some 83% of investors voted in favor, according to a company statement on Friday, giving a green light for French industrial conglomerate Schneider to buy the roughly 41% of Aveva it doesn’t already own. The acquisition now faces a final court hearing in the first quarter of 2023, after which the deal would conclude.