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Invensys Plc (ISYS), the British software and meters maker, said it held takeover talks with Emerson Electric Co. (EMR) and other potential suitors, and the negotiations ended without agreement.
The talks were “highly preliminary,” the London-based company said in a statement today.
“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,” Invensys said in the statement. “These discussions, however, are no longer ongoing.”
Invensys has periodically been the subject of takeover speculation for a decade, having been linked to companies such as Siemens AG (SIE), Europe’s largest engineering company. Yesterday, Invensys made its biggest ever gain after Bloomberg News reported the company is considering options after an approach by Emerson. Any deal would need to resolve pension liabilities that are among the U.K.’s largest.
Advisers to the British company have spoken to potential suitors including Siemens and General Electric Co. (GE) about a sale of some or all of its operations since Emerson’s approach, people familiar with the talks said.
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