Shelly Group confirms, following media reports, that the company is in preliminary talks with French ABB rival Schneider Electric about a possible public takeover bid.According to Shelly, there is no guarantee that the talks will lead to a bid, and neither the terms nor the timing have been set. The company does not intend to comment further on the process at this time.Bloomberg reported earlier today, citing sources, on a potential bid of around EUR 70 per share, which would value the company at approximately EUR 1.3 billion. According to the information, the discussions also include the founders' larger shareholdings. Finwire previously sought comment from the company earlier today.Shelly competes with Swedish Plejd. Shelly shares are up 13.6 percent to EUR 66.