Aveva takeover looms as bidders Schneider, Emerson and GE circle ahead of results

17th May 2015 10:12

Aveva, which designs engineering software used in the oil and gas industry, is being eyed up by several potential bidders, according to reports.The Sunday Times said senior City sources have named Aveva as being likely to become the next to be snapped up by a foreign buyer, with a number of buyers said to be considering an approach.One firm, French energy company Schneider Electric, is believed to have spoken to bankers about a bid, the paper said. Schneider is thought to be looking to combine it with Invensys, which it acquired two years ago.It was also reported that US companies GE and Emerson have both internally discussed making an approach, but are pressing pause on proceedings until Aveva's full year results are unveiled on Tuesday.The sources stressed that it has not received an approach, while the bankers said proceedings were at "a very early stage", with no guarantee of a formal bid.Aveva's September profit warning, which was related to the plunging oil price, scared off many investors, including Emerson. But the US company's chief executive David Farr has recently said he is looking to pursue sizeable deals in order to placate anxious investors.You may also enjoy reading: Aveva takeover rumours re-emerge as US-based Emerson eyes spree