Aveva attracts interest from European and US bidders
Aveva, the listed UK software group, has attracted the interest of a number of US and European groups, the Sunday Times reported.
The French energy group Schneider Electric, Connecticut-based conglomerate General Electric (GE) and Missouri-based Emerson are considering making offers, the article noted, citing financial sources.
The report said Schneider is already understood to have negotiated with banks over an offer for Aveva. Schneider wants to merge Aveva with Ivensys, the software group specialising in the oil and gas sector it acquired in 2013, as this would achieve GBP 100m in synergies, the item added.
GE and Emerson will look at Aveva's latest results and for a fall in its share price before considering a bid, the report noted.
The item noted private equity firms appear reluctant to bid, and are unlikely to try to match the same offers that are likely to come from industrial bidders.
The report estimated Aveva's value at GBP 1bn (EUR 1.373bn)
Source Sunday Times