Schneider Electric falls after €6 bln share placement

PTC

Tue 08:20

** Shares in Schneider Electric SCHN.PA fall 4% after the French electrical equipment maker raised €6.0 billion ($6.74 billion) in an accelerated bookbuild (ABB), a fast share sale to institutional investors
** Schneider placed 25 million new shares overnight, without preferential subscription rights for existing shareholders
** The placement was priced at €240 per share, a 4.99% discount to the last close of €252.6
** Net proceeds will partially finance its proposed acquisition of PTC Inc PTC.O, the US software company
** Berenberg says PTC adds to Schneider's software offering, including product and engineering capabilities, but says it is unclear where the €800 million of proposed revenue synergies will come from
** Investor feedback has focused on the synergies, lingering fears that AI could disrupt software businesses, and execution risk from several deals running at once, including PTC, Shelly Group SLYG.BB and Cognite, Berenberg says
($1 = 0.8907 euros)

(Reporting by Nathan Vifflin in Gdansk)
((nathan.vifflin@thomsonreuters.com; gdansk.newsroom@thomsonreuters.com; +48 58 769 67 13;))