Aveva shares fall after it scraps deal with Schneider Electric

UK engineering software maker had agreed in July for French company to take a 53.5% stake to reduce its exposure to oil price falls

Shares in the engineering software maker Aveva have fallen by more than a third after it scrapped a complex tie-up with France's Schneider Electric that would have reduced the UK company's exposure to troubled oil and gas markets.

The companies agreed a deal in July in which Schneider was to buy 550m of new Aveva shares for a 53.5% stake and combine Aveva's business with Schneider's software division.