BAE Systems to drop Saab tie-up

BAE Systems has sold half its stake in Swedish defence company Saab.

Gary Parsons - 8-Mar-2010

Saab's Gripen has been sold by a joint BAE/Saab initiative since 1995. Saab image

March 8: UK defence contractor BAE Systems has sold half its stake in Swedish defence company Saab AB, reports the Associated Press.

BAE says it intends to sell the remainder of its shares in Saab "in due course", part of an ongoing “divestment process”.

BAE formed a 50-50 joint venture with Saab in 1995 to export the JAS-39 Gripen and following Saab's share flotation in 1998 owned a 35% in the Swedish company, reducing to 20.5% in 2005. The sale of the shares on March 5 raised €108 million and is likely to see the end of BAE’s sales initiative for the Gripen, which has often been pitched against the Eurofighter Typhoon overseas.

No Comments

Your Thoughts