GEC said this week it had still not agreed on an outline agreement to buy out Siemens’ 40% stake in the GPT telecoms joint venture, in which it has a 60% holding.
It is understood that GEC and Siemens have not been able to agree a sale price.
‘There’s no real pressure, no timetable over this,’ GEC said, although the company admits the buy-out is being discussed at board level. It had been thought the deal would have come at the same time as the Siemens Plessey defence electronics sale.
Initially Lord Simpson, GEC managing director had planned to pull out of GPT and sell GEC’s majority stake to Siemens, but this position has been reversed as GEC looks towards strengthening its own position in telecoms.