£3bn tech firm takeover

BRITISH engineering software firm Aveva is set to be snapped up by French rival Schneider Electric, it was claimed last night.

In a £3bn reverse takeover deal that would revive plans previously abandoned, Schneider would take a majority stake in its smaller British counterpart with investors handed shares in Aveva, which makes software used to design oil rigs, ships and nuclear power stations.

It will remain in Cambridge and listed on the London Stock Exchange, according to Sky News.

The firms are expected to announce the deal today and to recommend shareholders back it.