AVEVA Group has issued an update on the progress of the proposed combination of AVEVA and the Schneider Electric industrial software business.

AVEVA said the review procedure of the Committee on Foreign Investments in the United States was still ongoing and had now moved on to phase II.

It said this phase should be no longer than 45 calendar days and therefore, assuming the full period was required and approval was granted, clearance was expected to be received on or around 9 Feb, with Completion of the combination occurring at the end of February.

AVEVA said it and Schneider Electric would provide an update to the extent clearance is received any earlier.

At 8:07am: (LON:AVV) AVEVA Group PLC share price was +8p at 2772p