Invensys profits surge as talks with French suitor continue
Friday 26 July 2013
The British engineering group Invensys said it remains in takeover talks with France's Schneider Electric, having made a "solid start" to the financial year.
The company, which makes components for oil refineries, power stations and domestic appliances, said its first-quarter revenues were "slightly behind" the same period in 2012 although operating profits were "significantly ahead".
Of more interest though is the £3.3bn bid Schneider lodged for the company earlier this month, which could see it fall into foreign hands.
Rival bidders including the US conglomerate General Electric have been linked with the company, although no mention was made of this yesterday.
"Invensys and Schneider remain in discussions about the details of the possible offer which is conditional on, amongst other things, diligence and there can be no certainty that any firm offer will be forthcoming," the group said.
Invensys shares fell 4.1p to 493.9p. It held takeover talks with the US giant Emerson Electric last year.
- 2 Top Gear: Jodie Kidd, Philip Glenister and Guy Martin 'in advanced talks' to join show
- 3 General Election 2015: 14-year-old boy asks Nick Clegg – 'can you kill Katie Hopkins?'
- 4 University student in court for allegedly covering housemates' food in window cleaner and spit
In defence of liberal democracy
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
General election live: SNP suspends two members for disrupting Labour rally
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils
Andy McSmith's Sketch: Feisty audience is the real star of an enlightening show
iJobs Money & Business
£20000 - £25000 per annum + Uncapped commission: SThree: Can you speak German,...
£25000 - £30000 per annum + benefits: Ashdown Group: An exciting opportunity f...
£215 per day: Ashdown Group: Junior Project Manager (website, web application ...
£40-50K: Guru Careers: We are seeking an experienced Software Engineer / Softw...