BAE SYSTEMS2003-08-23 19:28:45
BAE SYSTEMS PURCHASES GKN'S 29% STAKE IN ALVIS
BAE SYSTEMS plc ("BAE SYSTEMSâ€?) today announces that it has agreed to purchase 31,882,534 shares, representing approximately 29% of the issued share capital, in Alvis plc ("Alvisâ€?) from GKN plc ("GKNâ€?) for £73 million in cash (equivalent to 230p per Alvis share).
Alvis is one of the world's leading manufacturers of armoured fighting vehicles. It has operations in the UK, Scandinavia and South Africa. Its vehicles combine advanced software and electronic systems with leading-edge vehicle, weapon and protection technology.
Commenting on the transaction, Mike Turner, Chief Executive of BAE SYSTEMS, said:
"Alvis is an excellent company. We believe that this investment will result in new opportunities to work together, in a combination that is good for UK Land Systems capability, and will further enhance Alvis's strong growth potential.�
Completion of the acquisition remains conditional upon BAE SYSTEMS receiving regulatory clearance in Germany.
BAE SYSTEMS plc ("BAE SYSTEMSâ€?) today announces that it has agreed to purchase 31,882,534 shares, representing approximately 29% of the issued share capital, in Alvis plc ("Alvisâ€?) from GKN plc ("GKNâ€?) for £73 million in cash (equivalent to 230p per Alvis share).
Alvis is one of the world's leading manufacturers of armoured fighting vehicles. It has operations in the UK, Scandinavia and South Africa. Its vehicles combine advanced software and electronic systems with leading-edge vehicle, weapon and protection technology.
Commenting on the transaction, Mike Turner, Chief Executive of BAE SYSTEMS, said:
"Alvis is an excellent company. We believe that this investment will result in new opportunities to work together, in a combination that is good for UK Land Systems capability, and will further enhance Alvis's strong growth potential.�
Completion of the acquisition remains conditional upon BAE SYSTEMS receiving regulatory clearance in Germany.
For more information contact:
Warwick House
Po Box 87
Farnborough Aerospace Centre
Farnborough
Hampshire
GU14 6YU
United Kingdom
Tel: + 44 1252 373232
Fax: + 44 1252 383000