NEW YORK — Schneider Electric is in talks with private-equity firms about partnering on a $30 billion plus bid of Tyco Int’l, less than a month after the French industrial giant had ruled out the takeover, the New York Post reports.
Last month, people familiar with the matter had told Bloomberg that Schneider Electric held early discussions about buying Tyco. But, Schneider’s CEO later ruled out a deal of that size. Reuters reported that even if Schneider’s courtship did not materialize, there were likely other suitors for pieces of Tyco such as United Technologies Corp. (UTC), Honeywell and Siemens.
The talks are still at a relatively early stage, and Schneider has not yet chosen the firms with which it would partner, two sources close to the situation told the New York Post.
There is also the possibility several private-equity firms will partner and make their own offer for Tyco, the newspaper said citing a source.
“Our CEO expressed himself clearly at the time of our earnings report on this topic and we have nothing to add,” Schneider spokesman Anthime Capriolit told Reuters, referring to Jean-Pascale Tricoire’s firm denial last month of any plan for large-scale acquisitions “now and in the foreseeable future.”