|
GEC issues warning to BAe
|
 |
January 14, 1999: 4:09 a.m. ET
British Aerospace told to come up with good terms for Marconi this week
|
London (CNNfn) - Britain's General Electric Company is urging British Aerospace to come up with satisfactory terms by the end of this week if it wants to acquire GEC's Marconi defense electronics arm.
The Financial Times said the ultimatum was issued as talks between the two British companies to consolidate Europe's defense industry provoked French and German companies into discussing similar links.
European governments have been encouraging their weapons manufacturers to merge to better compete in an increasingly competitive global defense market.
BAe is seeking to acquire Marconi as part of efforts to build an integrated aerospace and defense company in Europe. Marconi is estimated to be worth about 6 billion pounds ($9.89 billion).
The Financial Times said the talks between the two British firms have upset DaimlerChrysler Aerospace, which is close to agreeing to merger terms with BAe but wants the deal to go through before any accord with GEC.
|
|
|
|
|
|
GEC
BAe
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
