21 June 2012 Last updated at 14:39 ET

Invensys shares drop after Emerson takeover talks end

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Invensys

Last Updated at 17 May 2013, 11:30 ET *Chart shows local time

price	change	%
400.80 p	+ +10.70	+ +2.74

Shares in UK engineering group Invensys have dropped 14.4% after it said it was no longer in talks with US firm Emerson about a possible takeover.

Invensys shares rose 27% on Wednesday following a report that Emerson was interested in buying the UK firm.

Invensys has now confirmed that it had been in talks with third parties and had received a "highly preliminary approach" from Emerson.

But it said in a statement that "these discussions were no longer ongoing".

"Furthermore there are no other discussions taking place in relation to an offer for the group," it said.

It did not name any other parties, but last month it was reported that Siemens, ABB and General Electric had made informal contact.

Invensys makes control systems for nuclear power stations, industry, railways and domestic appliances.

Earlier this year it issued a profits warning, blaming delays and additional work needed on the safety systems of eight nuclear reactors it is installing in China.