“It does have some impediments in terms of someone making a bid, in that it has a large underfunded pension scheme,” Sinden conceded, before adding: “There is a possibility that a predator or even the management themselves could come to an agreement with a specialist insurer and offload the pension liabilities.”

The estimates he gave for resolving the pension scheme were approximately £700 million.

The FTSE 250 engineering group, based in London, creates software used to run London Underground trains.

—By Matthew Clinch, Special to CNBC.com

Additional News: Emerson Sees Strong Dollar Cutting Quarterly Sales

Additional Views: World’s Second-Largest Retailer Is Deep Value Stock: Pro

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CNBC Data Pages:

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Disclosures:

General Electric is a minority shareholder in NBCUniversal, parent of CNBC and CNBC.com . Neither Silverwind Securities nor Darren Sinden have personal or corporate holdings in Invensys.

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