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 July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

KEP Marine Unveils KMGBL

KEP Marine – the manufacturer of type approved displays, computers and peripherals, announced  the release of the affordable, high-quality KMGBL Glass Bridge Light Displays.

New Load Measurement Solution for Port of Dampier

Strainstall designs and delivers a load measurement solution for the world’s largest floating wharf at Port of Dampier.   Strainstall, part of James Fisher and Sons plc,

Rolls-Royce Power Package for USS Zumwalt

Rolls-Royce announced delivery of the twin fixed pitch propellers to Bath Iron Works for installation on the U.S. Navy’s most modern surface combatant, the future USS Zumwalt,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Offshore Oil Port Authority Salvage Ship Electronics Ship Repair Sonar Winch
rss | archive | history | articles | privacy | 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: 0.1278 sec (8 req/sec)