Schneider Electric confirms financial resources to finalize agreement with Aveva

(Alliance News) – Schneider Electric SE confirmed on Wednesday that the bridge financing it secured in September to fund its takeover of Aveva Group PLC now stands at £2.41 billion.

Schneider said its financial adviser, Citigroup Global Markets Ltd, confirmed the Paris-based company had “adequate resources” to complete the takeover.

Earlier this month, Schneider increased its cash offer for the 41% of the Cambridge, England-based industrial software company it does not 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 rose 0.2% to 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 owned by Schneider.

In a report on Tuesday evening, the Daily Mail claimed Schneider’s bid was “on a knife edge” due to growing opposition from minority shareholders. The newspaper noted that approval of the takeover requires the support of 75% of minority shareholders at a general meeting scheduled for Friday.

By Tom Waite; [email protected]

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