- Aveva Group ( OTCPK:AVEVF ) shares rose 2.2% in London trading on Wednesday after Schneider Electric ( OTCPK:SBGSF ) said it would proceed with a full takeover of British software company .
- Schneider ( OTCPK:SBGSF ), which already owns nearly 60% of Aveva, will buy rest of the company in a deal valuing the whole of Aveva ( OTCPK:AVEVF ) at ~$10.8B.
- The offer represents a premium of around 41% to Aveva's ( OTCPK:AVEVF ) closing share price of £21.92 on Aug. 23. Schneider ( OTCPK:SBGSF ) confirmed it is weighing full buyout of Aveva on Aug 24 .
- Aveva's ( OTCPK:AVEVF ) would continue to be an autonomous business and its software would remain "fully agnostic", said the French industrial group. The company offers products that are used to design and manage oil rigs, ships and chemical plants.
- This approach will likely maintain Aveva's "specific culture as a software company".
- Schneider ( OTCPK:SBGSF ) also added that any interim dividend of up to £0.13 would still be paid to Aveva ( OTCPK:AVEVF ) shareholders without any reductions.
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Schneider Electric to proceed with full takeover of Aveva in ~$11B deal