Talks between the two companies first started in July 2915 at a valuation of £1.3 billion.

Aveva later said that the risks for shareholders were too high.

Talks re-started in July 2016 but collapsed in a few days

Now a major shareholder is said to have come out in support of a deal which gives Schneider a majority stake in Aveva .

Schneider will make a cash payment reported to be worth £8 a share to Aveva shareholders. Today’s share price is just under £3.

Aveva’s market cap today is $1.26 billion.