Schneider denies takeover talks with Tyco
Schneider Electric is quashing rumours that it is in talks to buy Tyco International, despite two days of heavy media speculation that a US$30 billion bid is already in play.
April 13, 2011 By Neil Sutton
In a story published April 13, the Wall St. Journal, quoting “people familiar with the matter,” reported that France’s Schneider had made a preliminary offer for Schaffhausen, Switzerland-based Tyco.
Bloomberg reported a day earlier that Schneider Electric “is working with bankers to assess a potential takeover of Tyco, according to three people with knowledge of the matter.”
Schneider posted a brief message on its website on morning of April 13 in response to the rumoured activity:
“In response to market rumours, Schneider Electric announced today that it is not currently in discussion with Tyco International regarding a potential strategic transaction between the two companies.”
Schneider, a maker of electrical equipment, produces sensors, programmable logic controllers, uninterruptible power supplies, switchboards and circuit breakers, among other products. Schneider is also the owner of Pelco cameras. Tyco’s holdings include ADT, SimplexGrinnell, DSC and American Dynamics.
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