French firm may make formal £3.3bn offer for Invensys tomorrow

French firm Schneider is said to be close to a $5bn (£3.3bn) deal to purchase engineering firm Invensys, according to Reuters.

The package offered is unlikely to change from the initial announcement, as no rival bid has emerged. This offer comes a little earlier than expected, with a deadline of 8 August.

Shares in Invensys are currently trading at around 492p, with an offer of 505p per share expected. 319p of that will be in cash, with the remainder in new Schneider stock.

Reuters say that three people with direct knowledge of the matter have said that the deal could be announced tomorrow.