Business Services Industry
BAE Systems Shares Torpedoed by Merger Woes in US.
Knight Ridder/Tribune Business News, October, 2003
Daily Mail, London Knight Ridder/Tribune Business News
Oct. 23--Almost UKpound 200 million was wiped from the market value of BAE Systems yesterday after it emerged that US rival General Dynamics had baled out of merger talks.
The UK defence giant's failure to seal a deal with GD -- its most likely merger partner -- is a blow to chairman Sir Richard Evans" long-standing ambition to win a bigger share of the massive US defence budget.
BAE's shares closed down 6 1/2 pence at 172 3/4 pence amid fears that it will struggle to do a deal quickly. Concerns over BAE's troubled UK side, which has revealed UKpound 1.8 billion of cost overruns on key submarine and aircraft contracts, are thought to have sparked GD's rebuff.
GD is...
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