Arab Today, arab today france\s schneider to buy uk\s invensys for £34bn
Last Updated : GMT 05:57:07
Arab Today, arab today
Arab Today, arab today

France\'s Schneider to buy UK\'s Invensys for £3.4bn

Arab Today, arab today

Arab Today, arab today France\'s Schneider to buy UK\'s Invensys for £3.4bn

Paris - AFP

French electrical engineering and equipment group Schneider is to make an agreed bid worth £3.4 billion for British engineering firm Invensys, the two firms said on Wednesday. Meanwhile Schneider reported a 5.0-percent fall in six-month net profit to 831 million euros ($1.1 billion), and a 0.2-percent rise in sales to 11.43 billion euros. This was slightly better than had been expected by analysts polled by Dow Jones Newswires. But the group held to its forecasts for the year, saying it expected the business climate in Europe to begin to improve in the second half of the year. The bid, worth 3.9 billion euros or $5.2 billion, marks the first big takeover for the French group since it bought US business APC in 2007, Schneider\'s finance director Emmanuel Babeau told a telephone press conference. Invensys employs 16,500 people and achieved sales of £1.8 billion in 2012. The company produces mainly softwares and automated systems for industry, and components for programming household and energy appliances. The two boards had agreed on a price of 502 pence per share, valuing the target at nearly 4.0 billion euros, the statement said. Schneider said that it would pay 2.9 billion euros of this in cash and with Schneider shares worth 1.0 billion euros. This means that Invensys shareholders will end up with about 3.0 percent of Schneider. Babeau said that Schneider expected to generate big benefits from combining the two businesses. It should raise annual sales by 400 million euros and add 65 million euros to earnings before interest, tax and amortisation by 2018. He expected costs to fall by about 140 million euros in 2016, and to make a saving on tax of about £400 million. The potential savings were considerable but it was too soon to comment on eventual job cuts, he said. On July 11, Invensys had revealed it had received an offer from Schneider worth 505 pence per share, which represented then a premium of 14.0 percent. If the bid is completed it will give Schneider access to new markets since Invensys has a strong presence in North America. The main competitors of Invensys are ABB of Switzerland, US firms Emerson and Honeywell, and German group Siemens, but analysts consider that a counter bid is unlikely. This was reflected in the share price of Invensys which closed at 490.80 pence on Tuesday, or less than the bid price. In morning trading on Wednesday shares in Schneider, which announced results broadly in line with expectations, rose by 2.65 pence to 59.55 pence. In the last 10 years, Schneider has become a leading French company by means of big takeovers.  

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today france\s schneider to buy uk\s invensys for £34bn Arab Today, arab today france\s schneider to buy uk\s invensys for £34bn

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today france\s schneider to buy uk\s invensys for £34bn Arab Today, arab today france\s schneider to buy uk\s invensys for £34bn

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Egypt tourism revival steady but slow

GMT 16:04 2017 Tuesday ,19 September

Egypt tourism revival steady but slow
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today France opens door to post-2025 talks

GMT 05:16 2017 Wednesday ,20 September

France opens door to post-2025 talks
Arab Today, arab today Equifax executives step down

GMT 16:16 2017 Saturday ,16 September

Equifax executives step down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today 5,000 'Dieselgate' deaths in Europe per year

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Renault-Nissan to launch

GMT 10:44 2017 Saturday ,16 September

Renault-Nissan to launch
Arab Today, arab today Eman Al Assy receives three offers

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers
Arab Today, arab today 'Severe' Typhoon Doksuri pounds Vietnam

GMT 15:49 2017 Friday ,15 September

'Severe' Typhoon Doksuri pounds Vietnam

GMT 11:10 2017 Friday ,15 September

Fadl Shaker retreats from surrendering himself

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 10:25 2017 Thursday ,14 September

Greece fumbled oil spill response

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:26 2017 Wednesday ,20 September

Opioid overdose deaths take 2.5 months

GMT 21:57 2017 Sunday ,17 September

Russia and Iraq restore air travel

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday