(MENAFN) UK-based engineering firm Invensys has received USD5 billion takeover proposal proposal from France's Schneider Electric, Reuters reported.
A deal would allow Schneider, the world's largest maker of low- and medium-voltage equipment, to tap the British firm's strength in industrial automation, which is witnessing rapid growth.
Emerson Electric Co., a US maker of technology for refrigerators and air conditioners, approached the company last year about a possible deal.
The products of the British company, which operates in more than 180 countries and employs more than 16,500 people, are used by a wide range of clients, from oil refineries and power stations to mining companies and appliance manufacturers.
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