Invensys is a UK-based multinational engineering and IT company with offices in more than 50 countries and its products are sold in around 180 countries.

In its bid to acquire the company, Schneider has proposed to pay 505 pence per share of which 319 pence will be paid in cash and 186 pence in new shares.

Invensys suggested that it might accept the offer as the proposed value is 15% higher than the closing share and the price of its shares have jumped.

In 2012, Emerson Electric Company of US had proposed Invensys for a possible acquisition.

Buyer of Invensys will add meters, controls and safety systems that help to manage heating, temperature and remote monitoring applications to its portfolio.

The products of Invensys are used by a number of clients ranging from oil refineries, power stations, mining companies to appliance manufacturers.