British Aerospace PLC
29 November 1999
Not for release, publication or distribution in or into
Canada, Australia or Japan
BRITISH AEROSPACE PUBLIC LIMITED COMPANY ('British Aerospace')
MERGER OF BRITISH AEROSPACE WITH MES COMPLETED
British Aerospace announces that the merger with MES, the
defence electronics business of The General Electric Company,
p.l.c. ('GEC'), (the 'Merger') has become effective today. The
Merger creates the third largest aerospace and defence company
in the world, with leading-edge technology.
Detailed discussions on the undertakings with the Secretary of
State for Trade and Industry continue. It is anticipated that
agreement on the specific terms of the undertakings will be
reached before 9 February 2000.
Based on the number of ordinary shares of GEC in issue as at
4.30 p.m. on Friday, 26 November 1999, each former ordinary
shareholder of GEC will be entitled to 0.42879282 new British
Aerospace ordinary shares and 13.542904 pence in nominal value
of capital amortising loan stock ('CALS'). Fractions of new
British Aerospace ordinary shares will not be allotted but
will be aggregated and sold and the net proceeds will be paid
to the former ordinary shareholders of GEC entitled thereto.
The nominal amount of CALS due to former ordinary shareholders
of GEC will be rounded down to the nearest whole number of
pounds. Certificates for the new British Aerospace ordinary
shares and CALS being issued in connection with the Merger
and, where applicable, cheques in respect of fractional
entitlements will be dispatched to former ordinary
shareholders of GEC within 10 business days (subject, in the
case of the ordinary shares and payments in respect of
fractional entitlements to such shares, to receipt of an
appropriate nationality declaration).
It is expected that admission of the new British Aerospace
ordinary shares and CALS to be issued pursuant to the Merger
will become effective at 8.00 a.m. tomorrow, 30 November 1999,
and that dealings in these will commence shortly thereafter.
Enquiries:
British Aerospace 01252 373 232
Locksley Ryan
Andrew Wrathall
Dresdner Kleinwort Benson 0171 623 8000
Tim Shacklock
Mark Hammond
Goldman Sachs 0171 774 1000
Simon Robertson
Simon Dingemans
Kleinwort Benson Limited ('Dresdner Kleinwort Benson') and
Goldman Sachs International ('Goldman Sachs'), which are
regulated in the UK by The Securities and Futures Authority
Limited, are acting for British Aerospace in connection with
the Merger and for no-one else and will not be responsible to
anyone other than British Aerospace for providing the
protections afforded to customers of Dresdner Kleinwort Benson
and Goldman Sachs or for giving advice in relation to the
Merger.
This announcement does not constitute, or form part of, an
offer or any solicitation of an offer for securities.
Neither this document nor any copy of it may be taken,
transmitted or distributed, directly or indirectly, into
Canada, Australia or Japan. Any failure to comply with this
restriction may constitute a violation of Canadian, Australian
or Japanese securities laws.
None of the new British Aerospace ordinary shares, the 7.45
per cent. Unsecured Capital Amortising Loan Stock 2000/2003 of
British Aerospace, to be issued in connection with the Merger,
nor any other securities proposed to be issued in connection
with the Merger will be registered under the US Securities Act
of 1933 or under the securities laws of any state of the
United States and they may not be offered or sold in the
United States absent registration under the US Securities Act
of 1933 or an exemption from registration. This announcement
is not an offer of any such securities for sale in the United
States or elsewhere.
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Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
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