LONDON--French engineering group Schneider Electric SA (SU.FR) is expected to make a formal takeover offer worth 3.3 billion pounds ($5.04 billion) for U.K. rival Invensys (ISYS.LN) this week, The Sunday Times newspaper reports, without citing sources.

Schneider Electric, which has already made an indicative cash-and-shares offer, has until Aug. 8 to make a firm offer. It sees the deal as boosting its industrial software and technology business and shifting further from electrical devices.

Invensys says it would likely recommend to shareholders that they accept the offer.

Schneider Electric wasn't immediately available for comment.

Full story: http://www.thesundaytimes.co.uk/sto/business/Industry/article1290241.ece

Write to London bureau at generaldesklondon@dowjones.com

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