France-based Schneider Electric is nearing the conclusion of its proposed agreement to purchase British engineering company Invensys for GBP 3.3 billion (US$5.07 billion). The final decision concerning the deal could be announced on Wednesday at the latest, according to three people close to the matter.
Invensys plc, created in 1999 through the merging of BTR plc and Siebe plc, is a British multinational company that specializes in engineering and information technology. It's headquarters is currently located in London, United Kingdom.
The price of the share and cash to be paid are expected to remain unchanged from the previously proposed bid earlier this month since no other company has put up a challenging bid to Schneider's, explained the sources. Schneider initially proposed that it would pay GBP 505 pence per share with 186 pence in share and 319 pence in cash.
Invensys, which specialises in the producton of industrial and engineering software, has long been eyed as a potential takeover target in an industry dominated by bigger technological competitors.
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