By Ian Walker and Kyle Morris

Aveva Group PLC said Friday that shareholders have approved its around 9.8 billion pound ($11.87 billion) takeover by majority shareholder French energy management and automation group Schneider Electric SE.

Aveva said that 86.48% of votes were cast in favor of the takeover and that the scheme remains subject to sanction by court at a hearing due in the first quarter of 2023.

Under the offer, which was raised earlier this month, shareholders of the U.K. engineering and industrial-software will get 3,225 pence in cash for each share held, up from the previous offer of 3,100 pence-a-share agreed in September.

In addition to the offer price, accepting shareholders will get to keep the 13 pence-a-share dividend declared on Nov. 8 that is payable on Dec. 9.

Schneider Electric owns around 59% of Aveva's issued share capital.

Write to Ian Walker at ian.walker@wsj.com and Kyle Morris at kyle.morris@dowjones.com

(END) Dow Jones Newswires

November 25, 2022 08:53 ET (13:53 GMT)

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