Aveva said to be working with Lazard on takeover options

Software developer Aveva has reportedly hired bankers Lazard to consider its strategic options as speculation over a bid from an American suitor grows.

According to the Sunday Times, Aveva, which makes software for oil and gas companies, began working on takeover options with Lazard in February, though the company is known to have a relationship with the bank dating back to last year.

The development comes as Schneider Electric, General Electric and Emerson consider a bid for the company and amid growing talk that American tech firm Aspen Technology is also considering entering the fray, the Sunday Times said.