Invensys Seen Luring Emerson Again After Sale: Real M&A

Invensys Plc, the engineering company whose takeover discussions with Emerson Electric Co. broke down last year, is becoming more palatable for acquirers after shedding its railroad division and reducing pension liabilities.

Siemens AG’s purchase of the rail-infrastructure business, which closed yesterday, makes the rest of London-based Invensys a more attractive takeover candidate, Baring Asset Management Ltd. said. While Invensys’s 76 percent rally since the deal was announced in November is six times more than the FTSE All-Stock Index, its sales multiple is still cheaper than most peers, according to data compiled by Bloomberg.