Schneider vetos bid for Tyco

French engineering giant Schneider Electric ruled out a takeover of Tyco International yesterday. Chief executive Jean-Pascal Tricoire said Schneider does not plan any purchases larger than a "few billion euros" over the next year.

Bid rumours last week said Schneider had held early discussions about buying Tyco, which has a market value of around $23bn (£14.1bn), but Scheider said there was “no plan” for large deals. However, he said the company’s priority was “bolt-on acquisitions” worth a few tens of millions to one billion euros.