LONDON (ShareCast) - (Sharecast News) - Aveva recommended to its shareholders that they take no action following Schneider Electric's confirmation that it was mulling a possible bid for the shares that it did not already own.
The information technology consultancy also said it had yet to receive an approach, noting Schneider's statement that it had not yet decided whether to in fact table an offer, nor on what terms.

According to Dow Jones Newswires, citing FactSet data, Schneider already held a 59% stake in Aveva.

Schneider had also said on Wednesday that it would remain committed to Aveva regardless of whether an offer was finally made.

"Any such proposal, if and when received, would be evaluated by an Independent Committee of the Board of AVEVA, together with its advisers," Aveva said.

As of 1610 BST, shares of Aveva were advancing by nearly 25% to 2,737.0p but had come off their session high of 3,046.0p.

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