Airbus parent, BAE Systems confirm merger talks
(Pascal Pavani/AFP/Getty Images, file)
(CBS/AP) LONDON - Defense contractor BAE Systems PLC (BAESF) and European aerospace giant EADS NV (EADSF) say they are in talks about combining their businesses.
In a statement to the London Stock Exchange on Wednesday, the companies said the propsed merger would unite the companies' boards and management but they would continue to be listed separately on stock exchanges.
It said BAE Systems shareholders would own 40 percent and EADS shareholders 60 percent of the enlarged group.
Stock in BAE Systems was up more than 11 percent in afternoon trading.
Europe's Airbus to build planes in U.S.
Air Force awards $35B tanker contract to Boeing
Popular on MoneyWatch
- Reverse cell phone lookup service is free and simple
- How to stop the mediocrity pandemic
- Apple's Cook says company doesn't use "tax gimmicks"
- Top five 529 college plans
- LinkedIn: 3 tips for building a better profile
- Top 10 professional life coaching myths
- How to organize your job hunt
- What homeowners should do before - and after - a tornado