Business Services Industry
Investors scramble for way out of British control-systems group Invensys.
Knight Ridder/Tribune Business News, September, 2004
By Geoff Foster, Daily Mail, London Knight Ridder/Tribune Business News
Sep. 29--An acrid smell of burnt fingers wafted around dealing rooms as punters who had bet the ranch on a European cash bid at last materialising for Invensys sprinted for the exit.
They made a run for it as broker Dresdner Kleinwort Wasserstein said that shares in the struggling engineering group are only worth 5p. Persistent selling swelled turnover to almost 119m, sending the shares down 1 3/4p to close at 11 1/4p -- the lowest since April 2003.
Speculators had piled in at around the 13 1/2p level last week amid red hot gossip that German electronics giant Siemens was about to put the heavily-indebted UK group out of its misery. But DKW's analyst Colin Grant...
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