Aveva, a provider of engineering data and design IT systems for the oil and gas industry, has broken off merger talks with France’s Schneider Electric, again.
Namely, the company had said on Monday that the merger discussions would resume, after breaking down in December 2015. The trading of Aveva shares was suspended at the London Stock Exchange pending further announcement.
However, as soon as Wednesday, Aveva said the talks were terminated again, without providing details. The company then applied for share trading to be restored.
According to Aveva’s Monday report, the company had received a revised, conditional proposal from Schneider Electric for AVEVA to combine with Schneider Electric’s Software Business in exchange for new AVEVA shares to be issued to Schneider Electric.
Similar to the previous discussions that took place between the parties last year, the proposal also included a significant cash payment from Schneider Electric to AVEVA, which would be distributed to AVEVA’s current shareholders upon completion.
Offshore Energy Today Staff