Aveva Investors Back Schneider’s $11.9 Billion Takeover (1)

Aveva Group Plc shareholders backed a £9.9 billion ($11.9 billion) buyout offer from Schneider Electric SE, after a prolonged battle from investors who wanted a higher price for the UK software company.

Some 83% of investors voted in favor, according to a company statement on Friday, giving a green light for French industrial conglomerate Schneider to buy the roughly 41% of Aveva it doesn’t already own. The acquisition now faces a final court hearing in the first quarter of 2023, after which the deal would conclude.

Aveva shares rose 0.2% to 31.89 in London, while Schneider dropped 0.2% to ...