The wedding is off. Again.
UK engineering software developer Aveva says the latest round of merger talks with French industrials groups Schneider have ended, just days after it confirming it had received an offer from the company over acquiring a majority stake.
The companies had resumed discussions after their previously agreed deal collapsed in late December last year.
Aveva said on Wednesday that it shares would resume trading following the announcement of a suspension on Monday. The transaction would have been considered a reverse takeover under the UK Listing Rules, so trading in Aveva shares was suspended with immediate effect.
In a statement, the software company said:
Following the termination of the preliminary discussions between AVEVA Group Plc and Schneider Electric SE, AVEVA has applied to the UKLA for the suspension of its shares to be lifted.
As a result, it is anticipated that AVEVA’s shares will resume trading at 8:00am BST this morning.