EC Clears EADS’ Astrium Buy

By | June 2, 2003 | Feature

The European Commission has authorized European Aeronautic Defence and Space Co.’s (EADS) acquisition of BAE Systems’ stake in Astrium, a European manufacturer of satellites. The deal gives EADS sole control of Astrium. EADS is a jointly-held company that combines former activities of Aerospatiale Matra of France, DaimlerChrysler Aerospace of Germany and Construcciones Aeronauticas of Spain.

The present transaction is similar to one cleared last year by the EC, which is the European Union’s trade regulation agency. The modification relates to a specific business unit within Astrium initially intended to remain under the joint control of EADS and BAE Systems, but over which EADS now acquires sole control. This business unit is responsible for military satellite communication systems for the UK government.

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