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

People & Company News

USCG Free Boat from Ice Near Woods Hole

A Coast Guard crew responded to a fishing vessel trapped in ice in Woods Hole Passage, Woods Hole, Massachusetts, Saturday. At about 3 p.m., the crew of the fishing boat Capt.

Tug Boat Owner Jailed After Crew Man Dies

A tug boat owner was today was given an 8 month custodial sentence after his crew member died trying to reattach a tow line in a violent storm. During today’s hearing at Southampton Crown Court,

COMPIT to Showcase Smarter Ships, Systems & Solutions

The 14th International Conference on Computer and IT Applications in the Maritime Industries (COMPIT) will take place from 11th to 13th May 2015 in Ulrichshusen, Germany.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar 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: 0.1942 sec (5 req/sec)