AVEVA CHAIRMAN SAYS ‘PRETTY CONFIDENT’ ON SCHNEIDER DEAL

After two failed attempts in as many years, Schneider Electric SE is betting a deal to combine its industrial software business with the U.K.’s Aveva Group Plc will create a market leader in programs to design and operate power plants and factories.

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Schneider and Aveva unveiled on Tuesday an agreement by which the French company will receive a 60 percent stake in Cambridge, England-based Aveva, valued at about 1.7 billion pounds ($2.2 billion), in exchange for its software unit, according to a statement. Schneider also will pay 550 million pounds in cash, to be distributed to shareholders of Aveva, who will also get another 100 million pounds from Aveva’s balance sheet, for a total of about 1,014 pence a share.

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