It’s a Grinchy Christmas for the British plant engineering developer. The stock dropped 36% on the news. The reverse merger announced by Aveva and Schneider Electric in July (see Aveva and Schneider Electric agree to a reverse merger) is dead. The two companies said it was a mutual decision based on “extensive due diligence.” The original terms were non-binding, so neither … [Read more...] about Aveva-Schneider Electric reverse merger is dead
Schneider Electric
Aveva and Schneider Electric agree to a reverse merger
Aveva can loosen its belt and get comfortable as it becomes larger than Bentley Systems as a result of this complex deal. Plant design and engineering software company Aveva has struck a reverse merger deal with Schneider Electric. Cambridge, UK-based Aveva (LON: AVV) will receive Schneider’s software unit for approximately $857.7 million (£550 million). In exchange, Schneider … [Read more...] about Aveva and Schneider Electric agree to a reverse merger