BAE lands £2.2bn US takeover

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Robert Lea, Evening Standard,
7 March 2005

DEFENCE euipment group BAE Systems planted its flag firmly at the centre of the massive US defence market today by unveiling a $4.1bn (£2.2bn) takeover of Bradley armoured fighting vehicles maker United Defense Industries.

The deal, in cash and part-funded by a £375m share placing, is BAE's biggest in six years. It also means that for the first time the US Department of Defense, not Britain's Ministry of Defence, is the company's largest customer.

'This is all about BAE delivering on its strategy of becoming the premier transatlantic defence and aerospace contractor,' said a spokesman.

BAE is paying $75 a share in cash for UDI, formerly controlled by Carlyle Group, the US private equity investor whose directors used to include former British Prime Minister John Major.
http://www.thisislondon.co.uk/news/business/articles/timid398641?source=

[bemildred]

1. Fools. nt

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2. Last BAE reported headline: Secret Pinochet payments linked to BAE

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=1082538

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3. Link to IHT.com story:

http://www.iht.com/articles/2005/03/07/business/bae.html

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4. Link to BBC report:

http://news.bbc.co.uk/1/hi/business/4325769.stm