from The Birmingham post

http://icbirmingham.icnetwork.co.uk/0150business/0200news/page.cfm?objectid=13012836&method=full&siteid=50002&headline=More%20bad%20news%20for%20Invensys


Troubled engineer Invensys dished out more bad news as it unveiled a £1.4 billion annual loss and said it had failed to find a buyer for Dutch software business Baan.

The loss, tax, legal and environmental liabilities amounting to £396 million, as well as a £931 million pension deficit disappointed shareholders and the stock tumbled almost ten per cent in early trading.

srikarthy

This was the statement that the Birmingham Post has chosen to interpret as 'failed to find a buyer'. Came out along with results yesterday morning.


NO HURRY ON DISPOSALS

Invensys Chief Executive Rick Haythornthwaite told reporters he was in no hurry with the latest round of asset sales over the next 18 months to two years and confirmed that he was in talks with several unnamed firms over the sale of Baan.

Industry sources said on Tuesday that three U.S. private equity firms were vying for Baan, with General Atlantic Partners being the auction leader and poised to pay around 85 million pounds.

"We are in negotiations with a few parties but I don't want to give a specific timetable," Haythornthwaite told reporters.

Oh Thanks for the clarification Kevobr. The statement in the Birmingham Post gave the impression that talks failed with GA.
Lot of people have negative views toward Baan I don't know why. Another fellow says it is an inferior technology and has low value customers.

srikarthy

Dosn't look like talks have failed, just that deal hasn't gone through to original timescale that Invensys quoted when they first announced they were selling Baan.
Hence a couple of stories about Invensys failing to sell Baan or struggling to find a buyer.

Interpreting what Invensys CEO said about trying to exceed the £1.8 bn expected from their divison sell off program I expect that it's just tough negotiating going on with Invensys trying to maximise the sale and GAP playing the waiting game as time is not on Invensys side.

I think this was a bit of a public bluff to prospective buyers:

"Invensys Chief Executive Rick Haythornthwaite told reporters he was in no hurry with the latest round of asset sales over the next 18 months to two years "

There you go Srikarthy no need to worry now, there will be plenty of work for Baan people as SSA customers migrate to Gemini etc.. over next few years.

Wonder how Cheryl over at Birmingham post feels about her interpretation. Oh well she gambled and lost, back to making the tea I guess.

That will be great. But what will happen to BPCS then if they migrate to Baan?

srikarthy