France's Schneider Electric SA (SCHN.PA) denied it is working on a deal to purchase 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.
Tyco International Ltd. (Tyco) is a diversified company, which provides security products and services, fire protection and detection products and services, valves and controls, and other industrial products. Shares of TYC traded higher by 3.06% or $1.515/share to $51.015. In the past year, the shares have traded as low as $34.23 and as high as $53.38. On average, 5919020 shares of TYC exchange hands on a given day and today's volume is recorded at 6147894.
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