PRESS DIGEST- British Business - July 21
July 21 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
SCHNEIDER TAKES CONTROL OF AVEVA WITH REVERSE TAKEOVER
One of Britain's oldest technology companies is set to fall into the hands of an overseas owner after engineering a complex reverse takeover by Schneider Electric, of France. Aveva has agreed to take on the software assets of Schneider, which also will pay Aveva 550 million stg in cash. In return, the French company will be handed 74 million new shares that give it a majority 53.5 per cent stake in the enlarged business. (thetim.es/1CM6CZu) Continued...