Re Joint Venture

RNS Number : 4909W

BAE SYSTEMS PLC

11 June 2008

 



11 June 08

BAE Systems - naval joint venture agreement 

BAE Systems and VT Group have signed the final legally binding agreement to form the joint venture company, BVT Surface Fleet (BVT). This will combine BAE Systems Surface Fleet Solutions, which includes surface warship building and surface warship through-life support, VT's surface warship building and through-life support operations and each of BAE Systems' and VT's 50% shareholdings in their existing surface warship through-life support joint venture, Fleet Support Limited (FSL).  

The terms of the agreement are largely unchanged from those set out in the announcements of the Framework agreement from BAE Systems and VT Group on 25 July 2007.

The proposed transaction has been cleared by the relevant European Union and US regulatory bodies but remains subject to VT shareholder approval.

Issued by:

BAE Systems plc

London

 

END

 

 

JVEUAUORWORNAAR