Technology firm Invensys is set to become the latest British company to fall into foreign hands as it confirmed talks over a possible £3.3bn takeover by a French power equipment maker.

The engineering electronics firm said it had received a cash and shares approach from Paris-based Schneider Electric worth 505p a share and revealed it was “likely” to recommend a firm offer at that price.

Schneider’s interest represents the latest attempt to snap up Invensys after it held discussions with US giant Emerson Electric last year – although the talks fizzled out before any firm approach was tabled.

It has since stayed in the takeover spotlight and shares have nearly doubled over the past year. Its shares closed up 67.9p to 508p or 15.4% yesterday.

Invensys said: “Following recent speculation, the Board of Invensys plc confirms that it has received an indicative offer from Schneider Electric SA of 505p per ordinary share, of which 319p per ordinary share is in cash and 186p per ordinary share is in new Schneider shares.”

It added: “The Board of Invensys has indicated to Schneider that it is likely to recommend a firm offer at the offer price. Invensys and Schneider are in discussions about the details of the possible offer which is conditional on, amongst other things, diligence.”

Invensys, which employs more than 1,100 people in the UK out of a total global workforce of 16,500, develops technologies for a wide range of sectors including oil refineries and air conditioning and household appliances such as refrigerators.

It is based in London, but has offices in Worthing and Crawley in West Sussex, as well as offices across the USA.

The group works for seven of the top 10 appliance manufacturers, 23 of the top 25 oil giants and 35 of the 50 biggest nuclear power plants.

Schneider said Invensys would be a “compelling” fit for the group and would increase its focus on the industry automation sector.

“The enlarged group would significantly expand its access to key electro-intensive segments where Schneider Electric offers leading low and medium voltage as well as energy management solutions,” added Schneider.

The French firm has until 5pm on August 8 to make a firm offer for Invensys under City takeover rules.

Invensys sold its Wiltshire-based rail division on May 2 to German high speed train maker Siemens for £1.7bn.

The deal enabled Invensys to plug the deficit in its company pension scheme, which had previously been seen as a stumbling block to takeover suitors.

It recently reported a 41% leap in annual operating profits to £131m – but pre-tax profits plunged to £15m from £47m due to one-off costs.