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France's Schneider Electric raises Aveva buyout offer to $11.6 billion

Randy Mancini 4 November 11, 2022

(Reuters) – French industrial group Schneider Electric has increased its offer for Aveva to 3,225 pence per share, valuing the British software company at about 9.86 billion pounds ($11.62 billion), Aveva said on Friday.

Schneider, which already owns a majority stake in the London-listed firm, in September offered to fully take over Aveva for 3,100 pence per share.

Several Aveva investors had threatened to reject the previous offer, including top-five investor Davidson Kempner.

The hedge fund said on Thursday the Schneider bid was “highly opportunistic” and it did not take into account Aveva’s long-term potential.

($1 = 0.8485 pounds)

(Reporting by Yadarisa Shabong and Sinchita Mitra in Bengaluru; Editing by Devika Syamnath)

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