Britain's Aveva set to unveil £3b Schneider deal: source

London

BRITISH engineering software company Aveva is poised to announce a tie-up with France's Schneider Electric to create a business worth more than £3 billion (S$5.3 billion), a source close to the matter said.

The deal, expected to be confirmed soon, will be structured as a reverse takeover in which Schneider will take a majority stake in Aveva, with shareholders in the British company receiving more than 800 pence per share in cash, the source said.