Aveva Shares Leap on Schneider Electric Takeover Interest -- 2nd Update

By Ian Walker

Shares of Aveva Group PLC rose as much as 39% on Wednesday after Schneider Electric SE said it was considering a possible offer for the outstanding shares of the U.K. engineering and industrial-software that it didn't own, but hasn't made any approach as yet.

The French energy management and automation group--which already owns 59% of Aveva according to FactSet--said there is no certainty any offer will be made or on what terms. It has until Sept. 21 to either make an offer or walk away under U.K. Takeover Panel rules.

Aveva shares at 1414 GMT were up 555 pence, or 25%, at 2,747 pence, having peaked at 3,046 pence earlier in the session. Schneider shares were up 0.8% at EUR129.06.

Schneider said that regardless of whether an offer is made it remains committed to Aveva, to its "agnostic and autonomous business model" and to its employees.

The company added that it believes a full combination of the two businesses would reinforce Aveva and enable it to execute its growth strategy faster.

In response, Aveva confirmed that it hasn't received any approach from Schneider but that any proposal will be evaluated by an independent committee of the board, together with its advisors.

In the meantime Aveva advised shareholders not to take any action.

Write to Ian Walker at [e-mail]

(END) Dow Jones Newswires

August 24, 2022 10:35 ET (14:35 GMT)

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