Schneider Chinese link fears

SCHNEIDER Electric is a French industrial giant providing software and automation systems to improve energy efficiency in buildings and factories.

Founded in 1836, it is one of the biggest companies in Europe with a market cap of nearly £ 59bn. It employs around 166,000 people.

Originally focused on steelmaking and manufactured weapons in the 19th century, it divested its steel and shipbuilding businesses in the 1980s and 1990s to focus on electricals.

There are concerns about some of its international activities, notably its joint venture with Chinese conglomerate Delixi Electric since 2007.

Schneider took a controlling stake in Aveva in 2017 in a £3bn reverse takeover. In 2013, it bought London-based Invensys, a maker of computer systems for refineries, in a £3.4bn takeover. At the time, Invensys was chaired by Sir Nigel Rudd, who became chairman of defence group Meggitt, which was bought by US rival Parker Hannifin for £6.3bn this year.

Three years later, Schneider took control of British retail brand Tower Electric, which provides fixings and fastenings such as cable clips to construction and electrical firms.