15th Dec 2015 07:10
LONDON (Alliance News) - Engineering software and IT systems provider AVEVA Group PLC on Tuesday said its proposed acquisition of industrial software assets from France's Schneider Electric SA has been terminated.
AVEVA and Schneider reached a non-binding agreement in July, under which AVEVA would acquire industrial software assets from Schneider in cash and shares, giving Schneider a 53.5% stake in the FTSE 250-listed company. The deal had been valued at around GBP1.3 billion.
But on Tuesday, AVEVA said the pair had been unable to reach a definitive agreement and said the talks had been terminated. The non-binding nature of the agreement means no break-fees will be paid by either side.
AVEVA said trading remains in line with its expectations for the full year to the end of March 2016.
By Sam Unsted; [email protected]; @SamUAtAlliance
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