British engineering company Invensys Plc (ISYS.L) on Thursday said it is no longer in discussions with Emerson Electric Co. (EMR) regarding a possible offer for the company and there are no other discussions taking place in relation to an offer for the Group. The stock is plunging over 19 percent in morning trade.
The company confirmed that it had previously received a "highly preliminary approach" from Emerson Electric.
"The company 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. In this context, the company confirms that it has been in highly preliminary discussions with third parties. These discussions, however, are no longer ongoing," Invensys said in a statement.
The Sunday Times reported last month that Invensys is the target for potential bids from industrial companies, including Siemens AG (SI), ABB Ltd. (ABB, ANN.L), Emerson Electric and General Electric Co. (GE). Particularly, these four companies have been repeatedly approaching Invensys with each making informal contacts through city advisers over the past few weeks, the newspaper said.
ISYS.L is currently declining 19.74 percent at 206.26 pence on a volume of 3,337 shares.
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