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FT.com - BAE Systems cuts Saab stake to 20%
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Posted by C H Tay [Email] (more from C H Tay) on Thu, 24 Feb 2005 07:13:42 Share Post by Email
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BAE Systems, Europe's biggest defence contractor, took a further step yesterday towards severing its links with Saab, announcing it had hired a bank to sell more than 15m shares in the Swedish aerospace company, reducing its stake to 20 per cent.


BAE acquired 35 per cent of Saab, Sweden's largest defence group, in 1998 for £269m, a purchase that came after they set up a joint venture to sell Saab's Gripen fighter jet internationally.

But Saab has pushed to take over Gripen's marketing and BAE relinquished control of the international sales venture in December, announcing its intention to reduce its 35 per cent stake to 20 per cent.

The Swedish partners have been disappointed by weak international sales of Gripen and have hinted they believed BAE's sales effort slackened after the rival Eurofighter moved into production. The Saab sale is the latest move by BAE to unravel itself from joint ventures.

BAE said it had hired ABN Amro Rothschild to sell 15.175m shares, amounting to about 14 per cent of Saab, and had given the bank an additional 1.975m shares as an over-allotment.

At yesterday's closing price, SKr117, BAE's sale including the over-allotment would total about SKr2bn (£154m). The deal is expected to close on March 2. BAE shares edged down 4½p to 248¼p.


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