BAE to sign Navy deal by recess
Sunday 28 June 2009
BAE Systems, the Ftse 100 defence giant, and the Government, are aiming to secure a 15-year shipbuilding agreement by Parliament's summer recess next month.
It is understood that the parties want to sign the deal by 17 July. The contract would see BAE supply the UK's naval shipbuilding needs until 2024. The deal will allow VT Group, the Ftse 250 company, to exit BVT, its joint venture with BAE.
VT has agreed to sell its 45 per cent stake in the company for £380m, once the Ministry of Defence and BAE have agreed their deal. VT is the old Vosper Thornycroft, which will be exiting shipbuilding after 150 years. Its chief executive, Paul Lester, is keen to concentrate on support services work, and held a presentation for analysts last week on opportunities in the UK's burgeoning nuclear power sector. Lord Mandelson, the Business Secretary, in a presentation to the meeting, said: "The government's ambition for nuclear is clear, and it is unwavering. We are committed to the clarity and regulatory framework that the industry needs."
- 3 Russian girl takes her own life after parents find pornography on her computer
- 4 Ball pool for adults opens in London
- 5 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
Michelle Obama highlights harsh restrictions faced by Saudi women after meeting King Salman without wearing a headscarf
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Kim Kardashian on Bruce Jenner's 'story': 'We support him no matter what, and I think when the time is right, he'll talk'
Russian girl takes her own life after parents find pornography on her computer
Ball pool for adults opens in London
9 reasons Greece's experiment with the radical left is doomed to failure
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
iJobs Money & Business
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...
£25000 - £35000 per annum: Recruitment Genius: A Technical Report Writer is re...
Competitive salary & benefits!: MBDA UK Ltd: MBDA UK LTD Indirect Procurement...