Ministry Urges VT Group and BAE to Merge

Wednesday, November 15, 2006
VT Group is under pressure from the Ministry of Defense to agree to the framework of a deal to merge its shipbuilding assets with BAE Systems by Christmas. VT and BAE are in discussions to consolidate what remains of the British shipbuilding industry. An initial attempt to merge the assets at the start of this year failed when Babcock, the engineering company, demanded too high a price for its ship-repair facilities. Under pressure from the MoD, VT and BAE have begun talks again. Babcock is not involved this time, but Paul Lester, chief executive of VT, said yesterday that the merged shipbuilder, dubbed Shipco, eventually could buy Babcock’s facility at Rosyth, Fife. Several options are being discussed by BAE, which has yards in Scotstoun and Govan, Scotland, and VT, which owns Portsmouth shipyard. BAE could buy out VT; the two could create an alliance but continue to operate as separate entities; or they could form a joint venture spun out of the parent companies. source: Times
Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Zamakona Delivers Second Vessel to Jadran

On October 18, Zamakona Yards celebrated in Getxo, Bizkaia the delivery of tuna freezer vessel Ljubica to the owner group Jadran based in Ecuador and Panamá. The

INTERTANKO Welcomes IMO Bunker Decision

The International Maritime Organization (IMO) has agreed to consider introducing measures to improve controls of bunkers delivered to ships. After six submissions to the IMO over four years,

Gulf Craft to Invest $100m in Dubai Shipyard

Company plans to invest $100 million over the next five years in the development of a new shipyard in Dubai Maritime City to build a global luxury yachts manufacturing

 
 
Maritime Contracts Maritime Security Navigation Offshore Oil Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1641 sec (6 req/sec)