France’s Schneider said on Wednesday it is considering a full buyout of software company Aveva.
Shares of Aveva have surged 24% following the announcement.
Schneider already owns nearly 60% of Aveva and stated it would decide over the next month whether or not to go ahead with a bid.
Aveva Shareholders shouldn’t get too excited…
Aveva released its response to the statement, confirming that it is considering a possible offer, but no approach is yet to be received. Schneider stated there can be no certainty that an offer will be made, nor what the terms will be.
Schneider took majority control of Aveva in 2017, paying £3 billion.
However, Aveva shares have fallen 20% in 2022 and are well below their highs shown in 2020.