LONDON July 25 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.