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.
- 1 The truth about 'girl things': Three cheers for Heather Watson's honesty
- 2 Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
- 4 Tennis fan suing Australian Open organisers for 'failing to shade spectators' during Murray match
- 5 Syrian refugee child beaten by Istanbul Burger King manager for eating customer’s leftover food
Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Rob Lowe hits out at White House decision not to meet Israeli leader
Iraq invasion 2003: The bloody warnings six wise men gave to Tony Blair as he prepared to launch poorly planned campaign
Winston Churchill: From accusations of anti-Semitism to the blunt refusal that led to the deaths of millions
British Muslim leaders outraged after Eric Pickles says followers of Islam should 'prove their identity'
UK terror fears: My jihadist son returned from Syria mentally scarred – now he is being ignored
Nigel Farage: NHS might have to be replaced by private health insurance
Billy Crystal: 'Stop shoving gay sex scenes in my face'
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
iJobs Money & Business
Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...
£16000 - £25000 per annum: Recruitment Genius: This is an exciting opportunity...
£45000 - £47000 per annum + bonus + benefits: Ashdown Group: Java Developer / ...
£35000 - £38000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...