Taking aim, again; Europe's defence industry.(Six years after the last wave of consolidation, Europe's defence companies are looking at merger targets again)(Industry Overview)
Economist (US), The, March, 2005
Six years after the last wave of consolidation, Europe's defence companies are looking at merger targets again
BACK in the early 1990s, when America cut defence spending at the end of the cold war, rationalisation of its defence industry proved relatively easy. The Pentagon gathered industry chiefs for a "last supper", as it was later called, and within a few years 15 defence contractors had shrunk through mergers to five. Europe found such a big consolidation tougher, because politics got in the way. But a few stealthy mergers went ahead, and now another effort could be getting underway.
The last time around Europe was left with minnows compared with America's defence giants. Europe's leading defence aerospace company, EADS, has only attained the...
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