Invensys says trading 'solid' as talks continue with Schneider
LONDON July 25
LONDON July 25 (Reuters) - British engineer Invensys , currently the target of a takeover approach from France's Schneider Electric, said on Thursday it had made a "solid start" to the year.
Invensys, whose software helps run power stations, oil refineries and chemical plants, said revenue in the first quarter was slightly behind the same period last year as expected, but operating profit was significantly ahead.
The British firm said it remained in discussions about the 3.3 billion pound ($5.1 billion) takeover proposal it received on July 11 from French industrial group Schneider, which has until Aug. 8 to say whether it intends to make a firm offer or walk away under UK rules.
Shares in Invensys, which said it was likely to recommend Schneider's offer of 505 pence a share, closed down 1.1 percent on Wednesday at 498 pence, below the potential offer but a 13 percent premium to the stock's price before the bid approach.