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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Alvis | ALV | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 0.00 | 0.00% | - |
| Open Price | Low Price | High Price | Close Price | Previous Close |
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| Top Posts |
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Posted at 14/3/2004 21:02 by alan russell BAE pulls back from tanks bidTom McGhie, Mail on Sunday 14 March 2004 BAE Systems has ruled out making a counterbid for Challenger tank company Alvis after American rival General Dynamics swooped with an agreed £309 million bid. British defence giant, which has a 29.9% stake in Alvis, says it plans to work with General Dynamics on projects and is prepared to support its American rival if an alternative bid by a foreign company emerged. French defence group Thales and Germany's Rheinmetall are believed to be considering higher offers for Alvis. BAE sources dismissed suggestions that as the largest shareholder in Alvis, it was angry that the Americans had not consulted it before making their move. Formally, BAE has told the Stock Exchange that it is considering all options*, which include bidding for the company, maintaining its stake or selling the share. But BAE bought its holding in Alvis only last year so that it could work with it to develop a new range of lightweight armoured vehicles. The Ministry of Defence is considering a £3 billion contract to develop such a vehicle and BAE would be in a good position to profit because Alvis is the favourite to win the deal. BAE Systems knows General Dynamics well. The companies have worked on several projects, including laser-guided rockets, and the Americans are helping BAE solve the problem of soaring costs in its Astute nuclear submarine programme. Last year, BAE failed in an attempted merger with General Dynamics. Shares in Alvis closed at 297p on Friday, valuing the company at £328 million and indicating that investors are expecting a higher bid. Amicus, the union representing hundreds of Alvis workers, is concerned about the potential impact on jobs. John Wall, Amicus national officer for defence, said: 'We have real concerns on the industrial and political fronts about the takeover of the UK's armoured vehicle sector by a foreign corporation.' >>>>>>>>>>>>>>>>>>>> Hard to call where this is going from here. If The Mail is to be believed and BAE are out of the picture then to have sold on Thursday begins to look like the right move. Any bids from European defence companies could get bogged down in EU approval issues. If they use their influence to stymie the GD bid then all the more reason for the price to fall back. Quite possible however that holding on may prove the smart move in the long run but that could be a very loooooong run. |
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