Invensys headache heads to Chicago
Sunday 27 April 2003
Chicago-based SSA Global Technologies is believed to be the likely winner of a bidding round to buy Baan, Invensys' troubled software division.
The deadline for bids was last Friday. SSA, a private software company, raised $75m (£47m) earlier this month for acquisitions. Industry sources said that SSA is keen to get hold of Baan, and has the financial headroom to take on the loss-making firm. The head of Baan UK, Catherine Sigmar, is an ex-SSA executive. Other interested parties are thought to be Jan Baan, the founder of the business who sold it to Invensys in 2000 for £470m.
However, sources close to Baan were coy about a quick sale, and it is unclear if the bids were finalised on Friday night. Next month Invensys is expected to make a £650m provision, mostly due to Baan, when it publishes full-year results. It is unlikely to recover much of the money it paid for the business.
SG Securities analyst Zafar Khan does not attribute any value to Baan, and predicts sales of £250m and a loss of £25m this year for the division. But Ben Tompkins at Broadview, an IT corporate finance house, says its 15,000 customer sites worldwide could be attractive.
Invensys is struggling to reduce £1.6bn of debts and £700m of pension liabilities, despite £1.8bn of funds raised from disposals last year. It has eight more divisions up for sale.
Sales of the tablet are set to fall again, say analysts
Met Police confirm there was a 'minor disturbance' and that no-one was arrested
George Lucas criticises the major Hollywood film studios
Does Chris Grayling realise what a vague concept he is dealing with?
Trend which requires crisps, a fork and a strong stomach is sweeping Mexico's streets
Parties threaten resort's image as a family destination
I Am Bread could actually be a challenging and nuanced title
- 1 Indian footballer Peter Biaksangzuala dies after injuring spine doing somersault celebration
- 2 Jack the Ripper: Scientist who claims to have identified notorious killer has 'made serious DNA error'
- 3 Banksy arrest hoax: Internet duped by fake report claiming that the street artist's identity has been revealed
- 4 Drink alcohol and eat meat to improve male fertility - but cut down on coffee, studies suggest
- 5 Brian Harvey turns up at Downing Street and 'demands to speak to Prime Minister'
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Residents should throw a street party and mix with immigrant neighbours, councils told
London bus driver allegedly kicks gay couple off for kissing
Russell Brand threatened with arrest after filming outside Fox News headquarters
Amal Alamuddin calls for the return of the Elgin Marbles from Britain: 'Injustice has persisted for too long'
Lord Freud: Tory welfare minister apologises after saying disabled people are 'not worth’ the minimum wage
iJobs Money & Business
£18 - 23k + Benefits: Guru Careers: We are seeking a Customer Service Executiv...
£60 - 65k + Benefits: Guru Careers: We are seeking a ASP.NET Web Developer / ....
£60,000 - £80,000: Saxton Leigh: Our client is an leading Asset Manager based...
£27000 - £32000 Per Annum: Clearwater People Solutions Ltd: Our large charity ...