Engineering software specialist Aveva today saw its shares soar 27% after agreeing to a £1.3billion “reverse takeover” by France’s Schneider Electric due to the slump in oil and gas prices.
The tie-up reduces Cambridge-based Aveva's exposure to oil and gas markets, the source of about 45% of its revenue, and where lower oil prices have cut demand for rigs designed using its software.
Aveva, a subject of takeover speculation for months, will also build up its chemicals, mining and pharmaceuticals businesses and expand its market share in the Americas, a Schneider stronghold.
