* Schneider spokesman repeats CEO's denial of talks
* Tyco shares up 3.5 pct; Schneider little changed
(Recasts first paragraph, adds Tyco response)
BOSTON May 13 France's Schneider Electric SA
(SCHN.PA) denied it is working on a deal to buy U.S.
manufacturing conglomerate Tyco International Ltd TYC.N,
contrary to a New York Post report on Friday.
The newspaper, citing two unnamed sources, reported that
Schneider was in talks with public equity firms to make a bid
that could top $30 billion.
A spokesman for the French company said no deal was in the
works. A Tyco spokesman declined to comment.
The Post added that the company not yet determined which
private equity firms it would team up with if it were to make
an offer. It also said it is possible private equity bidders
would work on their own, without Schneider.
A bid of $30 billion would represent a 29 percent premium
to Tyco's current $23.2 billion market capitalization.
Tyco shares rose 3.5 percent to $51.24 on the New York
Stock Exchange. Schneider shares were down 1 percent at 112.680
euros in Paris.
For a link to the New York Post story click
Factbox on Tyco's history [ID:nN13245780]
Factbox on how Tyco matches up with major European
The two companies have laid out conflicting visions of what
might be going on over the past month, since talk of a possible
deal first emerged.
"There is no plan of large-sized acquisitions now and in
the foreseeable future," Schneider CEO Jean-Pascal Tricoire
told investors on an April 20 conference call.
But a little more than a week later, Ed Breen, head of
Tyco, said he was open to the possibility of a deal.
"We always, as a management team, present to our board and
talk to them about all the alternatives you can have to create
long-term sustainable shareholder value," Breen said on an
April 28 conference call.
A Schneider spokesman repeated Tricoire's denial on
"Our CEO expressed himself clearly at the time of our
earnings report on this topic and we have nothing to add,"
Schneider spokesman Anthime Caprioli said.
Tyco spokesman Paul Fitzhenry declined to comment.
(Reporting by Scott Malone, additional reporting by Aftab
Ahmed in Bangalore and Christian Plumb in Paris; Editing by
Derek Caney and John Wallace)