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Schneider Electric Gets EU Approval for $5.6 Billion Invensys Buy

BRUSSELS--French electrical equipment company Schneider Electric SA (SU.FR) has received European Union antitrust approval for its 3.4 billion pound ($5.6 billion) acquisition of U.K. engineering group Invensys PLC (ISYS.LN). The approval clears the way for a deal, Schneider hopes will raise its industrial automation and software business to the level of the world's main players, such as Siemens AG, Mitsubishi Electric Corp. and Rockwell Automation Inc. The European Commission said Friday the deal doesn't raise any competition concerns. "The activities of the two companies are complementary and the merged entity would continue to face several strong competitors in the affected markets," the commission said in a statement. Schneider agreed in July to pay 502 pence a share of U.K.-based Invensys in a mix of cash and shares, a deal that was unanimously recommended to shareholders by Invensys's board. Schneider, with annual revenue of 23.9 billion euros ($32.5 billion), has in recent years made a big push into the business of providing industrial sites with bundled offerings of electrical and industrial equipment, software and services, instead of selling low voltage devices, its historical business. The company expects the deal to generate revenue savings of EUR400 million a year by 2018 as a result of enlarged offerings, complementary customer bases and additional scale from the integration of Invensys with Schneider Electric. The company will finance the acquisition with a mix of cash and debt. Write to Tom Fairless at tom.fairless@wsj.com (Inti Landauro in Paris contributed to this article.) Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Share News for Invensys (ISYS)
DateTimeHeadline
13/12/201312:20:49Schneider Electric Secures Anti-Trust Approval for Invensys Takeover
02/12/201315:18:23Lloyds Banking Group: Lord Blackwell to Succeed Sir Winfried...
29/11/201313:03:17Schneider Electric Gets EU Approval for $5.6 Billion Invensys...
11/11/201309:29:40Sage Group Names Steve Hare as New CFO
10/10/201316:52:45Invensys Holders Approve Takeover by Schneider Electric
31/07/201308:13:22Schneider Electric Agrees 502 Pence Per Share Offer for Invensys
21/07/201313:03:39Schneider Electric To Make Invensys Offer This Week - Report
12/07/201309:02:18Invensys Receives 505P-a-Share Offer from Schneider Electric
11/07/201323:40:20Schneider Electric Intends to Swallow Rival Invensys
11/07/201323:28:27Schneider Electric Intends to Swallow Rival Invensys for GBP3.31...
30/04/201317:42:35LONDON MARKETS: U.K.'s FTSE 100 Ends Lower; Lloyds, BP Gain
30/04/201316:31:49LONDON MARKETS: Lloyds, BP Among Few Gainers In London
30/04/201315:52:48LONDON MARKETS: Lloyds, BP Among Few Gainers In Lower London
30/04/201311:06:35LONDON MARKETS: Lloyds, BP Top Performers In Flat FTSE 100
28/04/201313:28:08Invensys Braced for Fresh Takeover Bid -Report
18/04/201316:25:52Invensys Gets Anti-Trust Clearance for Invensys Rail Disposal
18/04/201316:03:36EU OK's Siemens' Acquisition of Invensys Rail
29/11/201217:30:19EUROPE MARKETS: Hopes For Fiscal-cliff Deal Boost Europe Stocks
28/11/201217:17:27Invensys To Dispose Of Invensys Rail To Siemens For GBP1.74 Billion
25/06/201202:40:21Rolls-Royce to Start Search for Chairman

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