AVEVA Group plc, one of the world's leading providers of engineering data and design IT systems, announces that following a period of extensive due diligence the Boards of AVEVA and Schneider Electric have been unable to reach agreement and discussions have been terminated by mutual consent.
AVEVA talks with Schneider Electric are terminated
The previously announced terms of the transaction were non-binding and as a result no break fees are payable by either party.
During the due diligence process significant integration challenges were identified that could not be overcome without considerable additional risk and cost. This was exacerbated by the highly complex structure of the proposed transaction. As a result, the Board has determined that the anticipated uplift in shareholder value was unlikely to have been realised to the extent previously considered.
Following the announcement of the interim results on 10 November 2015, the Board confirms that AVEVA’s trading has continued in line with the Board’s expectations and the Board’s view on the outlook for the full year remains unchanged.
A copy of this announcement will be available at www.aveva.com
AVEVA Group plc
Via FTI Consulting
Philip Aiken, Chairman
Richard Longdon, Chief Executive Officer
James Kidd, Chief Financial Officer
Derek Brown, Head of Investor Relations
FTI Consulting LLP
Tel: 020 3727 1000
Edward Bridges / Dwight Burden / Emma Appleton
AVEVA is a global leader in engineering and industrial software driving digital transformation across the entire asset and operational life cycle of capital-intensive industries.