LONDON/NEW YORK (Reuters) - France's Schneider Electric (>> SCHNEIDER ELECTRIC) is nearing a 3.3 billion pounds deal to acquire British engineer Invensys (>> Invensys plc) and could announce it at its results on Wednesday, three people with direct knowledge of the matter said.

The structure of the share and cash deal is expected to remain roughly the same as the one initially presented earlier this month as no other bidder has emerged to challenge Schneider's bid, the sources said.

Schneider previously said it would pay 505 pence a share with 319 pence in cash and 186 pence in new Schneider shares.

Invensys had said it was likely to recommend such an offer, which would represent a 15 percent premium to the stock's close when the announcement was made.

Invensys, which produces software that helps to run power stations, oil refineries and chemical plants, has long been mooted as a takeover target in an industry dominated by larger rivals, particularly after the disposal of its rail business last year to strengthen its balance sheet and pension fund.

Its reorganisation after the rail disposal is on course to deliver cost savings of 20 million pounds during the current financial year and a further 5 million pounds the following year. This, as well as growth in its higher-margin software division, is expected to boost performance for the year.

Schneider and Invensys declined to comment.

($1 = 0.6515 British pounds)

(Additional reporting by Anjuli Davis in London and Elena Berton in Paris; Editing by Steve Slater and Jane Merriman)

By Sophie Sassard and Soyoung Kim

Stocks treated in this article : SCHNEIDER ELECTRIC, Invensys plc
Valeurs citées dans l'article : SCHNEIDER ELECTRIC, Invensys plc