Schneider Electric will take full control of software company AVEVA
Schneider Electric said it is considering a full takeover bid for software company AVEVA, sending the British company's shares up more than 32%. Now Schneider, which already owns almost 60% of AVEVA, says it has until 16:00 GMT on 21 September to decide whether to proceed with a full bid. "No proposal has been made to AVEVA and there can be no certainty that any offer will be made or as to the terms on which (if made) any offer will be made," it said in a statement, saying AVEVA declined to comment. In September 2017, Aveva had agreed to merge with the software business of France's Schneider Electric, which invested 550 million euros to take 60% of the combined company, with AVEVA shareholders holding the remaining 40%. So far, this acquisition case finally blossomed. In December 2015, Schneider Electric and Aveva called off a planned £55m merger. The merger, announced in July 2015, aims to combine the two companies' software operations into a "global leader in industrial software". At the time, a number of other groups, including Siemens, Emerson and General Electric, were also weighing bids for Aveva. AVEVA, a leading global provider of engineering and information management software solutions, is committed to helping industry clients leverage their powerful digital assets to better respond to their business development needs and the rapid changes and challenges in the market. Over the past 50 years, AVEVA has established 50 offices in 30 countries and regions, serving more than 3,500 customers worldwide in the oil, gas, maritime, energy and other industries. Among them, the world's top 10 energy companies are using AVEVA products; 90% of the world's top 10 shipyards use AVEVA products. Schneider agreed to combine himself with AVEVA's industrial software business in 2017. Since then,Aveva has also expanded further through acquisitions. In 2020,Aveva bought industrial software maker Osisoft, backed by SoftBank Group Corp., at a valuation of $5 billion, including debt. As a global expert in digital transformation in energy management and automation, Schneider has in recent years acquired the German construction Software RIB Software in 2020. It has also shed non-core assets, such as a business that makes uninterruptable power supplies for demanding industrial environments such as oil, gas and nuclear power, and its Eurotherm division, which provides products for temperature and power control, measurement and data logging. In June, Schneider Electric said it was considering the sale of a number of assets, including its industrial automation and control unit, including evaluating the sale of its Telemecanique business. Telemecanique, which traces its roots back to 1924 and makes products such as sensors, switches and signal equipment for the industrial, infrastructure and construction industries, was acquired by Schneider in 1988. Schneider is also spinning off a business that makes uninterruptable power supplies for demanding industrial environmen...
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