February 13, 2020 / 6:16 AM / 14 days ago

France's Schneider Electric makes 1.4 bln euro offer to buy RIB Software

PARIS, Feb 13 (Reuters) - French company Schneider Electric announced a 1.4 billion euros ($1.5 billion) takeover offer on Thursday for German group RIB Software.

Schneider said it was making a cash offer of 29 euros for each RIB Software share, representing a premium of 40.6% to RIB’s closing share price of 20.62 euros on Feb. 12.

“This key transaction strengthens Schneider Electric’s position as a major player in the digital transformation of the engineering and construction industry, and brings significant benefits to our customers, streamlining their digital journey from the building to the operation phase,” said Schneider Electric Chairman and CEO Jean-Pascal Tricoire.

$1 = 0.9200 euros Reporting by Sudip Kar-Gupta; Editing by Kim Coghill

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