Schneider, a French company, will buy the last remaining Aveva shares for 31 pounds per share.
PARIS/LONDON – French industrial company Schneider Electric (EPA SCHN), announced it would continue with a complete takeover of British software firm Aveva Plc. The deal offered 31p per share and valued Aveva Plc at approximately 9.48 billion pounds ($10.8billion).
Schneider stated that its 31-pound offer was a premium of 41 percent to Aveva’s closing share price on August 23, which was 21.92 pounds. This was before Schneider announced its intention to buy out the entire company.
Aveva is owned by Schneider, which already holds nearly 60%. In 2017, Schneider took majority control of Aveva. This reverse takeover allowed the British company to keep its London listing. At that time, the French group paid 3 Billion Pounds.
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Aveva’s products can be used to design and manage oil drilling rigs, ships, and chemical plants. The French multinational covers electrical components, energy management, and industrial automation.
Schneider stated that an interim dividend up to 13 pence per AVEVA share would continue to be paid to AVEVA shareholders without any reductions.
($1 = 0.8809 pounds)
