By Ian Walker
Shares of Aveva Group PLC rose as much as 39% on Wednesday after Schneider Electric SE said it was considering a possible offer for the outstanding shares of U.K. engineering and industrial-software that it didn't own, but hasn't made any approach as yet.
The French energy management and automation group--which already owns 59% of Aveva according to FactSet--said that there is no certainty any offer will be made or on what terms. It has until Sept. 21 to either make an offer or walk away under U.K. Takeover Panel rules.
Aveva shares at 1155 GMT were up 709 pence, or 32%, at 2,901 pence, having peaked at 3,046 pence earlier in the session. Schneider shares were up 0.8% at EUR129.06.
Schneider said that regardless of whether an offer is made it remains committed to Aveva, to its "agnostic and autonomous business model" and to its employees.
Schneider said it believes a full combination of the two businesses would reinforce Aveva and enable it to execute its growth strategy faster.
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(END) Dow Jones Newswires
August 24, 2022 08:24 ET (12:24 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.