Schneider mulls bid for Tyco International: report
PARIS (Reuters) - Schneider Electric (SCHN.PA), the world's largest maker of voltage equipment, is considering a takeover offer for Tyco International (TYC.N), though the idea is at an early stage and no deal is imminent, Bloomberg reported.
Schneider is working with bankers to help it weigh up a potential purchase of Tyco, Bloomberg said on its website, citing people with knowledge of the matter that it did not identify.
Tyco, whose biggest business is security systems, would be the latest in a series of takeovers for Schneider, which has identified security as one of the areas where it was looking to expand.
A spokesman for Schneider declined to comment on the report. Executives at Tyco could not immediately be reached for comment.
Shares in Schneider were down 3.8 percent in afternoon trading, making them the biggest decliner on the French CAC40 index .FCHI. Tyco shares were up 8.6 percent in premarket trading in New York. Tyco has a market capitalization of around $22 billion, while Schneider has a market value of about $46 billion.
(Writing by James Regan. Editing by Jane Merriman)
NUSA DUA, Indonesia - The World Trade Organization reached its first ever trade reform deal on Saturday to the roar of approval from nearly 160 ministers who had gathered on the Indonesian island of Bali to decide on the make-or-break agreement that could add $1 trillion to the global economy
SAN FRANCISCO - At Pinterest, the four-year-old online bulletin board service that is valued near $3.8 billion, some 70 percent of the users are female. But the company's board of directors is 100 percent male. | Video
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.