24th Aug 2022 15:23
(Alliance News) - Aveva Group PLC on Wednesday said it is yet to receive an approach from Schneider Electric SE after the energy management and automation firm announced it is considering taking full ownership of the company.
Schneider currently owns roughly 59% of Cambridge-based industrial software firm Aveva.
"Schneider Electric confirms that it is considering a possible offer for the entire issued, and to be issued, share capital of the company not currently owned by Schneider Electric," it said on Wednesday.
Aveva noted Schneider's statement, but said it is yet to receive an approach.
"There can be no certainty that any offer will be made, nor as to the terms on which any offer will be made (should one be made). Any such proposal, if and when received, would be evaluated by an independent committee of the board of AVEVA, together with its advisers," Aveva said.
Schneider is by far the largest shareholder in the FTSE 100 company. In addition to its majority holding, Schneider last year seconded one of its executives, Peter Herweck, to be chief executive officer of Aveva.
It has until September 21 to announce that it intends or does not intend to take over Aveva.
Aveva shares were 25% higher at 2,747.00 pence each in London on Wednesday afternoon.
By Eric Cunha; [email protected]
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