Oct. 11, 2012 defense-aerospace.com
Rapprochement EADS - BAE Systems
(Source: French Ministry of Defence; issued Oct. 10, 2012)
(Issued in French only; unofficial translation by defense-aerospace.com)
EADs and BAE Systems have announced they will not pursue their discussions on the subject of their combination, and which were made public last September
The French State, which indirectly holds 15% of the equity of EADS, has examined the project with the greatest attention, and particularly its implications for the protection of its national interests in terms of defense, industrial strategy and employment.
At the conclusion of numerous discussions with all stakeholders, managers of the two companies had to reconsider the project because it did not seem possible to reach an agreement on terms for the operation that would prove acceptable to all.
France reaffirms its support to the management of EADS, and encourages it to continue the company’s remarkable development. (ends)
Breaking News - MP reacts to BAE Deal Collapse
Source: Ben Wallace MP; issued Oct 10, 2012)
Today Wyre & Preston North MP Ben Wallace, who recently organised 45 fellow MPs to sign a joint letter to the PM seeking stronger safeguards for the deal,
welcomed the news that the potential BAE-EADS merger will not go ahead.
Mr Wallace who is in Washington DC holding meetings with Senators and US Government Officials to discuss the deal said,
"I am pleased that the reality has hit home with BAE senior management. While the CEO of EADS had all good intentions he was never going to be able to throw the yoke of French and German political interference off his back. As long as those two squabbling government shareholders were present the deal should never have been promoted. "Leopards don't change their spots" and it was clear to me from the outset British jobs were at risk.”
Ben Wallace added, “The BAE board should now reflect long and hard at what their strategic error could mean for the company’s future. If they have put at risk my constituents’ jobs and fatally wounded the UK's jewel in the manufacturing crown, then they should consider their position. BAE and its workers is a world leader in aerospace it has a great future it does not deserve, through in-consistent and unrealistic strategy to be put at risk by such leadership." (ends)
A Letter from the Chairman and Chief Executive
Source: BAE Systems; issued Oct. 10, 2012
Click here for a joint letter (in photo format) to employees from BAE’s chairman and CEO regarding the proposed merger with EADS, on the BAE website
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