BELGIUM: British Defence Secretary Philip Hammond acknowledges that time is running out for a merger deal between BAE systems and EADS, says he looks forward to talks with German and French counterparts

Record ID: 862176

  • Title: BELGIUM: British Defence Secretary Philip Hammond acknowledges that time is running out for a merger deal between BAE systems and EADS, says he looks forward to talks with German and French counterparts
  • Date: 10th October 2012
  • Summary: BRUSSELS, BELGIUM (OCTOBER 9, 2012) (REUTERS) VARIOUS OF FLAGS OUTSIDE NATO BUILDING SECURITY PERSONNEL BRITISH DEFENCE SECRETARY PHILIP HAMMOND ARRIVING, APPROACHING MEDIA MEDIA (SOUNDBITE) (English) BRITISH DEFENCE SECRETARY PHILIP HAMMOND SAYING: "We always knew that there was a crunch point this Wednesday, and the company has to decide today whether it's going to ask the stock exchange for an extension of time or not. I'm hoping to meet my German, French and indeed my American counterparts during the course of this meeting to talk about this subject and I'll perhaps have a word with you later on." GERMAN DEFENCE MINISTER THOMAS DE MAIZIERE ARRIVING JOURNALIST'S PHONE (SOUNDBITE) (German) GERMAN DEFENCE MINISTER THOMAS DE MAIZIERE SAYING: "The subject that you are asking about is not on the agenda today and there is in my opinion nothing new to add." NATO STAFF ARRANGING FLAG DE MAIZIERE ENTERING CONFERENCE
  • Embargoed: 25th October 2012 13:00
  • Keywords:
  • Location: Belgium
  • City:
  • Country: Belgium
  • Topics: International Relations,Defence / Military
  • Reuters ID: LVA95I0SVISFND7POXVY80Q35O3K
  • Aspect Ratio:
  • Story Text: British Defence Secretary Philip Hammond said on Tuesday (October 9) he hoped to meet his French, German and U.S. counterparts to discuss the proposed merger of aerospace groups EADS and BAE Systems, a day before a deadline for the deal.
    "We always knew that there was a crunch point this Wednesday, and the company has to decide today whether it's going to ask the stock exchange for an extension of time or not. I'm hoping to meet my German, French and indeed my American counterparts during the course of this meeting to talk about this subject and I'll perhaps have a word with you later on," Hammond told reporters as he arrived for a meeting of NATO defence ministers in Brussels.
    The ongoing dispute over state involvement in any tie-up of the aerospace groups has left the mega-merger under threat.
    The disagreement over whether Paris can increase its shareholding in future is the latest obstacle to plans to create the world's largest aerospace group, with Berlin's desire for a more favourable deal also a possible hitch ahead.
    But German defence minister Thomas de Maiziere refused to be drawn on the topic as he arrived at Tuesday's meeting.
    Resurrecting an idea abandoned by European government leaders in the late 1990s, the new combine would employ 220,000 people and team Airbus airliners with BAE's weapons factories.
    To succeed, the deal must balance industrial and security sensitivities in Europe and avoid fuelling concerns over foreign state ownership that could damage BAE's standing in the United States, which is a key priority for Britain.
  • Copyright Holder: REUTERS
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