LONDON--Invensys PLC (ISYS.LN) Thursday confirmed it had received a takeover approach from U.S. industrial conglomerate Emerson Electric Co. (EMR), but the maker of rail signaling and industrial automation systems said it had ended the talks.
It said the approach from Emerson was "highly preliminary" and that there are no other discussions taking place in relation to an offer for the whole group. Invensys said it had also been in "highly preliminary discussions" with third parties for parts of the group, but they have also ended.
It said it "regularly assesses the value of its portfolio of businesses' both as part of its "strategic planning process and in response to expressions of interest in relation to certain parts of the group".
A report Wednesday said Emerson is mainly interested in Invensys's Foxboro unit, which makes meters and control systems, and not the British company's rail unit, although Emerson could consider a deal for the whole of Invensys to get control of Foxboro.
Advisers to Invensys have spoken to companies including Siemens AG (SI) and General Electric Co. (GE) about a sale of some or all of its businesses since Emerson's approach, the Bloomberg report said, citing people familiar with the situation.
Invensys shares closed Wednesday at 257 pence, valuing the company at GBP2.09 billion. The FTSE 100 stock has risen 22% this calendar year.
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(END) Dow Jones Newswires
June 21, 2012 03:05 ET (07:05 GMT)
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