Aveva ends talks with Schneider Electric

15th Jun 2016 07:07

(ShareCast News) - Aveva Group has walked away from a second round of talks with French suitor Schneider Electric and has applied for its share to resume trading after their suspension.Discussions between the FTSE 250-listed group and its larger counterpart fell apart at the end of 2015 after the due diligence process revealed that it would be much harder than expected to carve out Schneider Electric's own software assets from the rest of the company.Reports earlier this week suggested interest in a possible buy-out had been renewed, with the intention reported in the Financial Times that the French energy giant to take a majority stake in Aveva in exchange for around £550m in cash.