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BAE silent on Airbus sale report BAE denies imminent Airbus sale
(about 4 hours later)
Defence and aerospace group BAE Systems has declined to comment on a newspaper report that it will this week announce the sale of its 20% stake in Airbus. Defence and aerospace group BAE Systems has described a report that it is to sell its 20% stake in Airbus later this week as "premature".
BAE, which first said in April that it was looking at withdrawing from the pan-European aircraft-maker, should make £1.9bn from the sale. BAE first announced in April that it was thinking of withdrawing from the pan-European aircraft-maker.
The buyer is expected to be EADS, the Franco-German group which owns the remaining 80% stake in Airbus. The buyer of its share is expected to be EADS, the Franco-German group which owns the remaining 80% stake in Airbus.
The Observer said BAE was ready to sell despite being unhappy with the price. UK-based BAE said it could not make any decision on the sale until it had completed its own audit of Airbus.
Its comments came after the Observer said BAE was now ready to sell its shares in Airbus, despite being unhappy with an independent valuation calculating the worth of its stake at £1.9bn.
Delay problemsDelay problems
According to widespread reports over recent months, UK-based BAE had initially been hoping to get significantly more for its Airbus stake. According to widespread reports over recent months, UK-based BAE had been hoping to get significantly more for its Airbus stake.
Unfortunately for BAE, since April Airbus has been rocked by delays to the development of its new Airbus A380 super-jumbo, and the £1.9bn valuation was independently calculated by investment bank Rothschild. Unfortunately for BAE, since it first announced it was thinking of selling its share in April, Airbus has been rocked by delays to the development of its new Airbus A380 super-jumbo.
The Observer said that BAE was now ready to accept the lower price, as the firm thinks things will only get worse at Airbus before they are turned around. The £1.9bn valuation was independently calculated by investment bank Rothschild.
A BAE spokeswoman said the firm was not making any comment. The Observer said that BAE was now ready to accept a price near £1.9bn, as it thinks things will only get worse at Airbus before they are turned around.
"We said in July the audit would take six or seven weeks, but it is premature and pure speculation to say what the content of that will be - or a potential value," said a BAE spokeswoman.
Airbus employs 13,000 people in the UK, where it designs and builds the wings for its planes across two main sites - Broughton in North Wales and Filton near Bristol.Airbus employs 13,000 people in the UK, where it designs and builds the wings for its planes across two main sites - Broughton in North Wales and Filton near Bristol.