Tue, May 30, 2006
Needs Funds For Aerospace Firm Purchases
BAE systems is giving
the European Aeronautic Defense and Space Company (EADS) an
ultimatum over the company's intent to sell its 20 percent stake in
aircraft manufacturer Airbus: "put" up, or shut up.
BAE announced its is preparing to exercise a "put" option, that
would speed up the pace of negotiations over the sale of its stake
in Airbus to EADS.
As Aero-News reported last
month, EADS -- which already owns 80 percent of Airbus
-- is seen as eager to buy out the British company's stake in the
aerospace consortium... but talks over the price of the buyout have
stalled in recent weeks.
England's Sunday Times reports the put option -- which went into
effect when Airbus was set up as an industrial company -- would
require each side to immediately appoint banking advisers... who
would then have 14 days to reach a deal.
If a price isn't agreed upon within that time, a third-party
bank would be called in to arbitrate the deal.
In the wake of fallout
over rumors Airbus is preparing to scuttle the A350 and start over
on a new design, EADS has lowered the valuation of BAE's stake in
Airbus to approximately $3.5 billion... but BAE is reportedly
demanding over one billion more.
BAE has stated it will use the funds from the sale to acquire US
aerospace companies... such as last year's acquisition of United
Defense Industries, an American tank and armored vehicle
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