Invensys selling Britain out
Saturday 13 July 2013
A French swoop on Invensys would call time on a British engineer that traces its orgins back to the 19th century.
It also marks another international deal for its chairman, Sir Nigel Rudd, who has earned the sobriquet of "the man who sold Britain" in the tabloids after presiding over a series of foreign takeovers ranging from Pilkington Glass to Boots.
Much as bankers may hope that a deal heralds the reawakening of the M&A market, it has been on the cards since Sir Nigel sold Invensys' rail division to Germany's Siemens last November for £1.7bn, in the process plugging the engineer's pension deficit and thus making the rump of the company attractive to potential suitors such as Schneider, Siemens, the Swiss/Swedish ABB, and Emerson of the US.
The one-time blue-chip stock, created from the merger of BTR and Siebe in 1999, is now focused on controls for nuclear plants and on industrial thermostats.
BTR's core "British Tyre & Rubber" businesses, which dated back to 1924 when the American tyre maker Goodrich set up a UK subsidary, ceased in the 1950s, while Siebe's original diving gear business (founded in London by a Prussian engineer in 1800s) was split off in the 1970s.
- 1 Tamir Rice: 12-year-old boy playing with fake gun dies after being shot by Ohio police
- 2 To help fuel their propaganda machine against the poor, our government has now decided to redefine the word 'welfare'
- 3 Bill Cosby: Isn’t it obvious why his accusers have stayed silent up until now?
- 4 Halle Berry takes ex-boyfriend Gabriel Aubry to court for allegedly trying to make daughter look less African-American
- 5 Isis propaganda image showing 'abuse of Muslim woman by soldiers' is actually taken from Hungarian porn film
Rochester by-election: Ukip gains second MP as Tory defector Mark Reckless holds seat
'Beast of Bolsover' Dennis Skinner takes Ukip MP Mark Reckless to task moments after he is sworn in
Rochester by-election: Labour MP Emily Thornberry resigns after posting white van and England flags tweet
The young are the new poor: Sharp increase in number of under-25s living in poverty, while over-65s are better off than ever
Revealed: How the world gets rich – from privatising British public services
Exclusive: UK approved £7m Israeli arms sales in six months before Gaza conflict
iJobs Money & Business
£Attractive: Citifocus Ltd: High calibre individual with significant product d...
£Negotiable: Citifocus Ltd: Leading global bank seeks experienced credit analy...
£Attractive Package: Citifocus Ltd: High calibre individual with a high degree...
£Attractive: Citifocus Ltd: High calibre individual with superior academics an...