BAE-VT Shipbuilding JV Approved

Britain's BAE Systems (BAES.L) and VT Group (VTG.L) won permission from the European Commission on Wednesday to merge their shipbuilding operations, according to a Reuters report. BAE will hold 55 percent and VT the remainder, and the deal will involve BAE selling its 50 percent stake in Flagship Training Ltd to VT for up to $152.6m. The Commission noted that the two companies had not bid against each other in the design or building of a naval surface ship in the past decade, and so there was no problem with the venture. [Source: Reuters]