Schneider Electric SA is in talks with unnamed private-equity firms about partnering on a $30 billion-plus bid for Tyco International Ltd., Reuters reported, citing a story in the New York Post. Talks are in an early stage, Reuters said. Schneider is based in France.
(Reuters) – Schneider Electric SA is in talks with private-equity firms about partnering on a $30 billion plus bid of Tyco International Ltd., less than a month after the French company had ruled out the takeover, the New York Post said citing sources.
Last month, people familiar with the matter had told Reuters France’s Schneider held early discussions about buying the Tyco. But, Schneider’s CEO had later ruled out a deal of that size.
The talks are still at a relatively early stage, and France-based Schneider has not yet chosen the firms with which it would partner, two sources close to the situation told the Post.
There is also the possibility several PE firms will partner and make their own offer for Tyco, the paper said citing a source.
“Our CEO expressed himself clearly at the time of our earnings report on this topic and we have nothing to add,” Schneider spokesman Anthime Caprioli said, referring to Jean-Pascale Tricoire’s firm denial last month of any plan for large-scale acquisitions “now and in the foreseeable future.”
Tyco was not immediately available for comment.
(Reporting by Aftab Ahmed in Bangalore, and Christian Plumb in Paris; Editing by Derek Caney)