Schneider: Oddo still a buyer
(CercleFinance.com) - Oddo reiterates its Outperform rating on Schneider shares, maintaining its target price of 156 euros.
Schneider Electric has announced that it has made a binding offer to buy all of the shares in Aveva that it does not currently own (i.e. 40.84% of its share capital).
Oddo says that it is offering 31 pounds per share (total E4.45bn), i.e. a 41% premium to Aveva's last listed price on 23 August and a 32% premium to the last six months ending 23 August.
The deal, backed by Aveva, is expected to close in Q1 2023, the analyst continues, adding that, according to the plan, Schneider will have to obtain 75% of the votes.
However, Oddo does not anticipate "cost synergies" from this acquisition, although believes that the group will be able to generate revenue synergies over time.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
Schneider Electric has announced that it has made a binding offer to buy all of the shares in Aveva that it does not currently own (i.e. 40.84% of its share capital).
Oddo says that it is offering 31 pounds per share (total E4.45bn), i.e. a 41% premium to Aveva's last listed price on 23 August and a 32% premium to the last six months ending 23 August.
The deal, backed by Aveva, is expected to close in Q1 2023, the analyst continues, adding that, according to the plan, Schneider will have to obtain 75% of the votes.
However, Oddo does not anticipate "cost synergies" from this acquisition, although believes that the group will be able to generate revenue synergies over time.
Copyright (c) 2022 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.