French industrial group Schneider Electric SE and engineering software designer Aveva Group PLC have for a second time terminated talks about a tie-up between the two groups.
Aveva had said on Monday that the two companies revived talks about a proposal from Schneider for Aveva to combine with Schneider’s software business and Schneider to take a stake in Aveva in exchange for a cash payment.
But Aveva Wednesday said without elaborating that the discussions have been terminated.
Shares in Aveva were suspended ahead of Monday’s announcement, but will resume trading this morning, the company said.
The termination of talks comes after the two companies late last year failed to proceed with a proposed tie-up that envisaged Schneider taking a 53.5% stake in Aveva and paying 550 million pounds ($778.9 million) into the company.
Source: Market Watch
