Invensys shares fall by a third

NEWS UK engineering group Invensy has seen its shares drop by nearly a third after a period of rising expenditure and shareholder unrest. The 31 per cent fall comes following an announcement that the company's trading is down on the same period last year. Invensys has blamed rising material costs and a fall in housing developments in US - a market it supplied through its residential controls business. Further reason for the fall is the takeover of troubled Dutch software firm Baan early this year. Shareholders feared that turning around the failing company would prove too great a drain on resources.