Merger Between BAE Systems and VT Close to Completion

Wednesday, February 21, 2007
BAE Systems and VT Group were reported to be close to completing a $1.9b merger of their shipbuilding assets. The tie-up, which it was reported could happen in about five weeks, is being driven by the Ministry of Defence's desire for industry consolidation ahead of a aircraft carrier project for the Royal Navy. The MoD also believes that one national champion will stand a better chance of winning export orders in the future. It will also allow the companies to concentrate on specialist skills rather than duplicating operations. BAE Systems and VT Group said in December that they were in early discussions regarding the combination of their surface ship and naval support businesses. Source: Yorkshire Post
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