Aveva engages Lazard to explore options
Aveva, the London-listed engineering-software company, has appointed Lazard bankers to explore strategic options for the business, The Sunday Times reported. An insider cited in the report said Lazard started working with the company on potential takeover options four months ago.
Connecticut-based General Electric, Emerson of Missouri and the French group Schneider Electric are considering bidding for Aveva, and Massachusetts-based Aspen Technology is believed also to be looking at making an offer, the report said. According to insiders cited in the piece, a number of Aveva investors have discussed a potential merger with Aspen.
Aspen is considering a tax-inversion transaction which would involve relocating the company’s headquarters to the UK to minimise tax charges, according to City sources cited in the report.
Sources said Aveva boss Richard London is aware of Aspen and Schneider’s interest, although he has stated that no formal approach has been received, the item reported. The same sources said the chief executive is not expected to instigate a formal auction and is not seeking a takeover by the highest bidder but is more likely to opt for a strategic deal with a competitor.
Neither Lazard nor Aveva wished to comment, the report said.
Aveva has a market capitalisation of GBP 1.2bn (USD 1.9bn) on the London Stock Exchange.
Sunday Times