Schneider says Invensys agrees to $5.2 bln bid

PARIS, July 31 Wed Jul 31, 2013 2:30am EDT

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PARIS, July 31 (Reuters) - France's Schneider Electric said on Wednesday that Invensys L> has agreed to a friendly bid that values the British engineer at 3.4 billion pounds ($5.2 billion).

Schneider is offering 502 pence a share, representing a 14 percent premium to Invensys' closing price of 440 pence on July 11, before talks between the two companies became public.