The corporate finance team at Invensys, the UK engineering group, has started its second £1.8bn (€2.1bn) wave of disposals with the $135m (€115m) sale of Baan, the software solutions provider.

The group's internal corporate finance team, led by former ING banker Jeremy Morcom, raised £1.8bn through asset sales last year, an achievement it is looking to repeat. It is hunting buyers for subsidiaries Appliance Controls, Climate Controls, Metering Systems, APV Baker, Powerware, Lambda, Teccor and Hansen Transmissions. Including Baan, the combined revenues of these businesses was £2.9bn in the year to March 2002, and they are expected to raise a further £1.8bn.