Siemens close to completion

Siemens’ sale of its defence electronics businesses, including Siemens Plessey Systems in the UK, could be completed next week. A source close to French defence giant Thomson-CSF confirmed on Tuesday that the company was ready to bid, but it was not clear if the rival team of British Aerospace and Germany’s Dasa had yet put […]

Siemens’ sale of its defence electronics businesses, including Siemens Plessey Systems in the UK, could be completed next week.

A source close to French defence giant Thomson-CSF confirmed on Tuesday that the company was ready to bid, but it was not clear if the rival team of British Aerospace and Germany’s Dasa had yet put in an offer.

Price still seems to be the issue delaying the sale. A possible complication is the part-privatisation of Thomson-CSF. An announcement by the French government that it is willing to reduce its 58% shareholding was expected this week.

Siemens would prefer to see its defence assets sold into the private sector and this is influencing the French government’s schedule on deciding Thomson-CSF’s future.