Aveva shareholders approve Schneider's £9.9bn takeover

Aveva shareholders have approved Schneider Electric’s £9.86bn takeover of the software firm.

Earlier this month, France’s Schneider - which already owns around 60% of Aveva - lifted its offer for the shares it does not own to 3,225p each from 3,100p.

Aveva and a number of its investors, such as Davidson Kempner and Glass Lewis, had rejected the initial offer, dismissing it as "opportunistic".

At a court meeting on Friday, around 83.5% of shares voted approved the takeover, comfortably clearing the 75% threshold required.

The final offer from Schneider represents a 47% premium to the closing Aveva share price on 23 August, which was the last day before the start of the offer period.