July 26, 2004

Carlyle eyeing U.K. warship yards?

According to U.K. press reports, the Carlyle Group, is interested in buying warship construction business of BAE Systems, Britain's largest defense company.

The Financial Times says that though a sale of the business is not certain, BAE and its advisers have already held exploratory talks with VT Group, the UK shipbuilding and support services group; Thales, the French defence contractor; and General Dynamics".

BAE's shipbuilding sector includes the U.K.'s only submarine building facility at Barrow-in-Furness and yards at Govan and Scotstoun in Glasgow. A report in the online edition of the Daily Telegraph says "Carlyle has not yet decided whether its possible offer would include BAE's submarine operations at Barrrow-in-Furness. However, the sale of what is Britain's only submarine business to a foreign company could be politically sensitive."

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