Gli Inglesi escono da Airbus?

[FlyIce]

Se ne parlava da tempo e devo essere sincero che la cosa non mi entusiasma, gli inglesi contribuiscono con competenze forti ma sono stati schiacciati dal patto d'acciaio EADS Francia-Germania.

In questa partita non si affaccia Finmeccanica che come sappiamo non vuole entrare in Airbus ma rimanere un supplier per entrambi in contendenti. Dato il livello molto alto delle azioni Airbus l'occasione non dev'essere così ghiotta ...

 

[B787-FLR]

BAE confirms talks to exit Airbus, eyes US
Fri Apr 7, 2006 9:25 AM ET

By Jason Neely, European Aerospace and Airlines Correspondent

LONDON (Reuters) - Europe's largest defense firm, BAE Systems Plc, said on Friday it wants to sell its 20-percent stake in top airliner maker Airbus to EADS, which could give it at least $5 billion for acquisitions in the United States.

"Discussions are at an early stage and a further announcement will be made if and when appropriate," BAE said in a statement to the London Stock Exchange.

BAE (BA.L: Quote, Profile, Research) has an option to sell its stake in Airbus to EADS (EAD.PA: Quote, Profile, Research), the Franco-German-Spanish firm which owns the remaining 80 percent.

Airbus is the world's biggest planemaker, outselling U.S. arch-rival Boeing Co. (BA.N: Quote, Profile, Research), and set to begin deliveries of the mammoth, 555-seat A380 double-decker late this year.

"We believe that now is the right time for us to divest our Airbus shareholding to allow us to concentrate on our core transatlantic defense and aerospace strategy," BAE Chief Executive Mike Turner said.

The stake is valued at 3.5 billion euros ($4.3 billion) in EADS' books but analysts expect any sale to be worth 3 billion pounds to 4.5 billion pounds ($5.3 billion-$7.9 billion), buoyed in part by the currently high level of EADS and BAE share prices.

Sector analysts have said BAE was expected to sell its stake in Airbus at some stage, likely spending the proceeds in the U.S. defense sector.

"Disposal of Airbus (and BAE's remaining European interests) could clear the way for a major U.S. merger," Numis Securities analyst Andrew Gollan said in a research note.

BAE in recent years has focused much of its growth on the U.S. defense market, by far the world's largest.

It paid about $4 billion for Bradley fighting vehicle maker United Defense Industries in a move which underscored the importance of the U.S. market to BAE's future.

Media speculation about a pending bid by BAE for U.S. defense firm L-3 Communications Holdings Inc. (LLL.N: Quote, Profile, Research), however, was unfounded, a BAE spokeswoman said.

"We can state that L-3 is not a target for BAE Systems," she said.

POLITICAL CONCERNS

The potential Airbus stake sale drew swift opposition from one of Britain's largest unions over concerns about keeping Airbus's wing-making technology as well as some 13,000 Airbus jobs in the UK.

"The government should step in and block this sale," John Wilson, a representative for the GMB union said in a statement.

BAE, EADS and Airbus said those fears were without basis.

An Airbus spokeswoman stressed that its UK facilities are already owned by Airbus, not BAE: "We are fully committed to the UK and to Airbus' highly skilled employees."

Prime Minister Tony Blair's office declined to comment.

BAE's Turner met British Trade and Industry Secretary Alan Johnson to discuss the matter on Friday.

"This meeting was constructive and further discussions will take place with the parties involved," the Department of Trade and Industry said in a statement.

It noted the UK government had invested more than 1.2 billion pounds in Airbus over the past 20 years and that safeguards were in place for saving UK jobs.

"At the time of forming the Airbus single corporate entity in 2001, BAE Systems and EADS put in place a mechanism to safeguard UK jobs and work at the request of the UK government. On the sale of BAE's interest, these safeguards transfer to the UK government and EADS," it said.

FURTHER MOVES

Analysts said a further drive into the U.S. defense sector could potentially help margins, while potential for further growth in the UK was also seen as possible.

The company last month acknowledged discussions with fellow UK firm VT Group (VTG.L: Quote, Profile, Research) regarding a possible joint bid for smaller support services firm Babcock International Group

(BAB.L: Quote, Profile, Research).

Getting out of the airliner sector would reduce BAE's exposure to the industry's notorious cyclicality, but analysts also noted BAE would have to find an investment to make up for the loss in operating profits.

"The challenge is to re-invest proceeds to mitigate dilution and therefore execution risk increases," Numis' Gollan said.

Its Airbus stake contributed 273 million pounds to BAE's earnings before interest, taxes and amortization (EBITA) in 2005, 23 percent of its total. It contributed sales of 3 billion pounds, 19 percent of BAE's total.

For EADS, the potential deal marks a second shake-up in its capital structure inside a week, after core industrial shareholders Lagardere (LAGA.PA: Quote, Profile, Research) of France and German automaker DaimlerChrysler (DCXGn.DE: Quote, Profile, Research) announced plans to lower their stakes.

BAE shares were up 0.23 percent at 432 pence, in line with London's FTSE 100 index <.FTSE> as of 1226 GMT.

EADS was down 0.37 percent at 32.06 euros in Paris versus a CAC 40 Index <.FCHI> up 0.04 percent.

In the debt markets, the cost of insuring the debt of both BAE and EADS against default via credit derivatives was unchanged, though analysts said the final impact on EADS would hinge on how any deal was financed.

EADS is rated A1 by Moody's Investors Service and A by both Standard & Poor's and Fitch Ratings.

(Additional reporting by Richard Barley, Ross Finley, Louise Heavens, Michael Holden and Mark Potter in London, Jean-Michel Belot in Paris, James Regan in Frankfurt)

© Reuters 2006. All Rights Reserved.

 

[stefano]

da http://news.bbc.co.uk/2/hi/uk_news/4885948.stm

Minister reassurance over Airbus
The government has sought to reassure workers after BAE Systems, the UK's largest defence company, revealed plans to sell its 20% stake in Airbus.
The sale will end British ownership of factories in North Wales and the South West, where some 13,000 people are employed making Airbus aircraft parts.

Trade and Industry Secretary Alan Johnson told the BBC the government remained committed to the project.

But unions have said there would be "tens of thousands of worried people".

Airbus is expected to be bought by Franco-German group EADS.

The group already owns the rest of Airbus.


AIRBUS KEY FACTS
The first ever Airbus, an A300, took off in October 1974
British Aerospace joined the consortium in 1979
There are over 3,900 Airbus jets in service
Airbus employs a total of 55,000 staff Worldwide
Airbus turnover in 2005 was £15.3bn

Mr Johnson, speaking on The World At One programme, said: "The fact that we have such an excellent workforce and such a brilliant role to play here as a centre of excellence for wings doesn't change with the sale of 20% of the shares."

And Tom Williams, Airbus's executive vice-president of programmes, insisted the company was in Britain "for the long term".

"You can be absolutely clear there is no intention of us withdrawing in any way our commitment," he said.

A spokesman for the Welsh Assembly said: "What is important to remember is that companies choose to invest in Wales because it is a great place to do business, not because they are British-owned."

'Centres of excellence'

Unions have said they are pressing for urgent talks with the firm.

Ian Waddell, national officer for aerospace at the trade union Amicus, said there would be "tens of thousands of worried people".

"We want to find out if production will remain in the UK or whether it will be shifted to the countries where the new buyers are based," he said.

But Mark Tami, the Labour MP whose constituency includes the Broughton site, in North Wales, said he was confident the jobs were not at risk.


Broughton and Filton are the centre of wing-building excellence for Airbus and Airbus would be foolish indeed to abandon that investment and move everything over to France and Germany
Mark Tami MP

"Broughton and Filton are the centre of wing-building excellence for Airbus and Airbus would be foolish indeed to abandon that investment and move everything over to France and Germany," he told BBC News.

"I just don't see that happening."

Shadow trade and industry secretary Alan Duncan said: "What really matters to us is jobs and manufacturing in Britain.

"What also matters is the real competitiveness of UK manufacturing and the genuine nature of liberal markets in the EU."

Airbus said in a statement: "There is no surprise about BAE's decision, only in timing.

"Whatever the outcome of the discussions, Airbus is in the UK for the long term and the UK will remain a fundamental part of the Airbus business."

US focus

Airbus recently announced the creation of an extra 650 jobs at the Broughton factory in North Wales - the region's biggest manufacturing site with 6,000 staff.

As well as the staff directly employed by Airbus in Britain, as many as 135,000 jobs at UK suppliers are thought to depend on it.

Airbus sold a record 1,055 planes last year, giving it a larger share of new orders than US rival Boeing.

It is thought that BAE sees this as a good time to sell its stake, which could be worth up to £3bn ($5.25bn).

The company is expected to invest the proceeds in its rapidly growing US operations, where it produces 35% of its sales.

Despite a bumper year for Airbus sales in 2005, BAE's commercial aerospace division saw its overall profits fall to £179m from £201m a year earlier because of weak demand for its regional jets.

BAE's move towards concentrating on its defence operations was reflected by last year's acquisition of US firm United Defense for £2.1bn.