Aveva Stock Climbs As Schneider Electric Confirms Considering Possible Offer

Shares of AVEVA Group plc (AVV.L) were climbing around 32 percent in London trading after French energy management firm Schneider Electric (SBGSF.PK) confirmed Wednesday that it is considering a possible offer for the remaining stake in the British IT consulting company that it does not already own.

Schneider Electric currently owns about 60 percent of Aveva.

The company expects that a full combination of AVEVA and the software business of Schneider Electric will reinforce AVEVA, and enable it to execute its growth strategy faster.

In its response to a recent press speculation, Schneider Electric said it has not made any proposal to AVEVA yet and that there can be no certainty that any offer will be made.

Bloomberg News earlier had reported that the French company is considering a bid to buy out British industrial software developer.

Schneider Electric must, by not later than 5.00 p.m. on September 21, either announce a firm intention to make an offer for AVEVA or announce that it does not intend to make an offer.

Schneider Electric said it remains committed to AVEVA, whether or not an offer is made.

Schneider Electric will make a further announcement in due course.

In London, AVEVA shares were trading at 2,902 pence, up 32.39 percent.

In Paris, Schneider Electric shares were trading at 129.12 euros, up 0.8 percent.

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