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Schneider Electric Sees Offers for Sensors Subsidiary

French engineering company Schneider Electric has received two offers in a second round of bidding for its U.S.-based sensors subsidiary, daily Les Echos said on Friday, Reuters reported. Chipmaker Avago Technologies and a consortium comprising private equity firms Carlyle Group LP and PAI Partners placed the bids for Schneider’s Custom Sensors & Technologies unit, the paper said, citing sources.

(Reuters) – French engineering company Schneider Electric has received two offers in a second round of bidding for its U.S.-based sensors subsidiary, daily Les Echos said on Friday.

 

Chipmaker Avago Technologies and a consortium comprising private equity firms Carlyle Group LP and PAI Partners placed the bids for Schneider’s Custom Sensors & Technologies unit (CST), the paper said, citing sources.

 

The offer made by Avago appeared to be leading, it said.

 

Schneider declined to comment.

 

People familiar with the matter told Reuters last month that Schneider – which postponed the sale of the unit last year amid financial market turmoil – had received initial-round bids, mostly from private equity firms, for CST, which could be worth about 1 billion euros

 

The subsidiary makes sensors for the automotive, aeronautics, transportation, energy and infrastructure industries. The business has about 4,700 employees worldwide and posted 2011 sales of $660 million, according to the company’s website.

 

By 0721 GMT, Schneider shares gained 1 percent, slightly outperforming the CAC-40 index of French blue chips, which was up 0.7 percent, and bringing gains this year to 14 percent.