Schneider Has Until Sept. 21 to Declare Aveva Takeover Intentions

Schneider Electric confirmed Wednesday it’s considering a “possible offer” to buy the 41% stake in the British software company Aveva that it doesn’t currently own. “No proposal has been made” to Aveva, “and there can be no certainty that any offer will be made,” said Schneider. Under U.K. merger and takeover rules, Schneider has until the close of business Sept. 21 to announce a “firm intention to make an offer” for Aveva or declare its plans to walk away, said the company. Schneider believes a “full combination” of Aveva and the software business of Schneider will “reinforce” Aveva, “and enable it to execute its growth strategy faster,” it said.