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Thu, Sep 13, 2012

BAE, EADS Discuss Possible 'Business Combination'

Statement Made Wednesday To The London Stock Exchange

Acknowledging their long history of collaboration, and their current joint work on a number of important projects, including the Eurofighter and MBDA joint ventures, BAE Systems and EADS on Wednesday confirmed that the two companies are in discussions about a possible combination of the businesses. "The potential combination would create a world leading international aerospace, defence and security group with substantial centers of manufacturing and technology excellence in the UK, USA, France, Germany and Spain as well as in Australia, India and Saudi Arabia."

In a statement made to the London stock exchange and posted on the BAE Systems website, BAE said "the potential combination of the two businesses offers significant benefits for all stakeholders, over and above their individual business strategies, which both businesses continue to execute strongly. In particular, they believe that the combination of the two complementary businesses offers the opportunity of greater innovation, long term financial stability, and an extended market presence, which will enable them to compete even more effectively on the world stage."

In a prepared statement, EADS NV confirmed it "is in discussions regarding a possible combination of the BAE Systems plc and EADS NV businesses."

The BAE statement indicates that the two companies would merge their boards and management structure, but would continue with separate listings on stock exchanges.

"Any agreement on the terms of a potential combination will require approval by the Boards of both BAE Systems and EADS, and would be subject to, among other things, a number of governmental, regulatory and shareholder approvals. There is no certainty at this stage that the discussions will ultimately lead to a transaction," the statement said.

The BBC reports that should the deal go through, BAE would own 40 percent of the new venture, with EADS owning 60 percent. Under UK law, the two companies must announce a decision by the close of business on October 10, but BAE said it would request an extension if there is no agreement by that date.

FMI: www.baesystems.com, www.eads.com

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