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Business News

EADS boss speaks out on BAE deal

EADS's chief executive, Tom Enders, broke his silence over his proposed £30bn merger with BAE Systems yesterday, telling his 136,000 staff that the mooted deal represented a "perfect fit".

In a letter to employees, Mr Enders said he would "soon" be able to publish the details of the transaction, which the companies were forced to confirm before they were ready following a leak last week.

Mr Enders went on to dismiss the declines that have greeted both companies' share prices since the deal's disclosure, which he said was "mainly due to the surprise" and indicated he was confident of winning investors round. "No doubt, we have some serious work to do – and that goes particularly for our investor relations teams – to convince shareholders and investors that we are on track to build a stronger growth platform with more resilient financials and better shareholder returns. But I'm convinced we have a very good and very attractive story to tell!" he said.

"The strategic purpose of this deal isn't size. The purpose is to lay the foundation for our long-term competitiveness in the rapidly changing landscape of the aerospace & defence industry," he added.

Mr Enders letter was made public yesterday after the German Chancellor Angela Merkel announced a summit meeting with French president Francois Hollande to discuss the deal on Saturday.