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Engineering group Invensys is seeking to raise £500 million through new shares as it battles to rebuild its balance sheet.
The London, England-based firm is understood to have asked stockbroker Morgan Stanley to prepare for a rights issue to help it tackle debts of £816 million and a £700 million hole in its pension fund.
A cash injection would also give Invensys more time to complete a disposal program, including assets outside its core rail signals and factory controls operations.
Disposal of the group's Baan software and Teccor semiconductor businesses has already been completed along with a £385 million deal to sell a specialist metering equipment operation. Other assets thought to be up for sale include its windpower division, home-appliance controls, and climate-controls businesses. (Reuters)
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