Software company Aveva is reportedly closing in on a takeover agreement with French industrial group Schneider Electric worth about £9bn.
According to Sky News, the boards of the two companies and their advisers are discussing a price of more than £30-a-share for Schneider to acquire the roughly-40% of Aveva it does not already own.
Banking sources told Sky on Monday that a deal was expected to be struck ahead of a 21 September deadline imposed by the UK takeover watchdog.
At just over £30-a-share, the deal is expected to cost Schneider around £3.5bn.
Sky said that given Schneider’s existing control of Aveva through its 60% holding, a full buyout is unlikely to elicit significant criticism about the perceived erosion of Britain’s technology base.
Aveva was also said by industry executives to be negotiating a series of undertakings relating to its brand and future investment under Schneider’s full ownership.
