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UK Competition Watchdog Ends Probe Into BAE Systems German Deal

(Alliance News) - The Competition & Markets Authority said Thursday it will not refer BAE Systems ...

Alliance News 13 June, 2019 | 10:51AM
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(Alliance News) - The Competition & Markets Authority said Thursday it will not refer BAE Systems PLC's business sale to a Phase 2 investigation.

In January, BAE sold a 55% stake in its combat vehicles unit BAE Systems Global Combat Systems Ltd to Germany's Rheinmetall AG for GBP28.6 million.

The joint venture will be renamed Rheinmetall BAE Systems Land and will play "a major role" in new mechanised vehicles for the British army.

The CMA was investigating whether the joint venture will lead to a "substantial" lessening of competition" in the UK.

Shares in BAE were up 0.6% Thursday at 484.30 pence each.

By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
BAE Systems PLC 558.00 GBX 1.20

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