Britain's Aveva to tie-up with Schneider Electric in software deal

LONDON (Reuters) - British engineering software company Aveva Group said on Tuesday it had agreed to combine with Schneider Electric’s software business, creating a London-listed software firm worth more than 3 billion pounds.

France’s Schneider will take a 60 percent stake in the enlarged group under the terms of the deal, which is structured as a reverse takeover.

Details of the deal - the third attempt by the two companies to combine - were reported late on Monday.