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Schneider Electric SE on Wednesday confirmed that the bridge financing facility that it entered in September in order to finance its takeover of Aveva Group PLC now totals £2.41 billion.
Schneider said its financial adviser, Citigroup Global Markets Ltd, confirmed that the Paris-based company has ‘sufficient resources’ to complete the takeover.
Earlier this month, Schneider increased its cash offer for the 41% of the Cambridge, England-based industrial software firm that it doesn’t already own. Schneider is offering 3,225 pence in cash for each Aveva share, which values Aveva’s equity at £9.86 billion and implies an enterprise value of £10.57 billion.
Aveva shares were up 0.2% at 3,180.00 pence in London on Wednesday afternoon.
Last week, Aveva said Schneider’s offer had received the support of 4.1% of Aveva shareholders. This equates to 10% of all shares not held by Schneider.
In a report late Tuesday, the Daily Mail claimed that Schneider’s offer is ‘on a knife edge’ due to mounting opposition from minority shareholders. The newspaper noted that approval of the takeover requires 75% support from minority shareholders at a general meeting set for Friday.
https://www.dailymail.co.uk/money/markets/article-11458801/Schneider-Electrics-swoop-Aveva-hanging-balance.html
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