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Aveva and Schneider call off merger

Reuters - UK Focus

LONDON, Dec 15 (Reuters) - British data engineering and design firm Aveva said it terminated a deal with France's Schneider Electric (EUREX: SND1.EX - news) about a combination of its own business with the latter's software operations.

The pair agreed a deal in July that would have seen Schneider pay 550 million pounds towards the issue of new shares in Aveva to take a 53.5 percent stake in the bigger company.

"Following a period of extensive due diligence the boards of Aveva and Schneider Electric have been unable to reach agreement and discussions have been terminated by mutual consent," Aveva said in a statement on Tuesday.

Aveva said no break fees were payable by either party, adding that its expectations for the full-year remained the same. (Reporting by Sarah Young, Editing by Paul Sandle)