Schneider Electric slips after it confirms deal talks with Bentley Systems

Bentley Systems

19/04/2024 08:43

** Shares in Schneider Electric  SCHN.PA  slip 2.3% after it
confirms a Reuters report on deal discussions with Bentley
Systems  BSY.O 
    ** The French electric equipment and automation systems
maker says it has been in preliminary talks with the U.S.
engineering software group about a potential strategic
transaction
    ** There is no certainty any deal will be agreed upon, it
adds
    ** Bentley Systems, which has a market cap of nearly $16
bln, is exploring options that include a sale after attracting
acquisition interest, people familiar with the matter say
    ** Schneider has a market cap of about EUR 131.29 bln
($139.81 bln)
    ** "It is a surprise to us that Schneider is exploring an
acquisition of this scale," Berenberg says, noting this appears
to be at odds with its messaging of "evolution not revolution"
    ** The broker's "knee jerk reaction" upon reading the news
was that "this could be a very bad idea", it says, but
recognises that Schneider's M&A team is the best in the business
    
($1 = 0.9391 euros)

 (Reporting by Piotr Lipinski)
 ((piotr.lipinski@tr.com))