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Aveva investor plans to reject Schneider takeover offer - FT

·1 min read
FILE PHOTO: The logo of Schneider Electrics is pictured at the company's headquarters in Rueil-Malmaison near Paris

(Reuters) - Canada-based Mawer Investment management, a top investor in Aveva PLC, plans to reject Schneider Electric's 9.5 billion pounds ($10.66 billion) takeover offer, the Financial Times reported on Friday.

"It's an opportunistic bid taking advantage of share price weakness in recent months", the FT report quoted Peter Lampert, a portfolio manager at Mawer, as saying.

French industrial group Schneider Electric said on Wednesday that it will pursue a full takeover of British software company Aveva, offering 31 pounds per share.

($1 = 0.8911 pounds)

(Reporting by Akanksha Khushi in Bengaluru; Editing by Muralikumar Anantharaman)