Baan shareholders affirm Invensys takeover

Suzanna Kerridge, Paris correspondent

UK based Invensys' takeover bid of troubled ERP vendor Baan has been agreed by the Dutch company's shareholders according to reports in Les Echoes. The French national newspaper reports that the 22 principle shareholders voted to hold onto 19.6 per cent of the software company, but relinquish 60 per cent to Invensys. It also claimed that the Baan brand name would be retained and the company would continue to trade on the stock market under this name. The Foundation of Baan investors are looking towards a general meeting to discuss with other shareholders the terms of the agreement. Baan and Invensys refused to comment.