The proposed £30bn merger of the UK's largest defence contractor BAE Systems and Airbus owner EADS has collapsed – here is how the saga unfolded
The proposed £30bn merger of the UK's largest defence contractor BAE Systems and Airbus owner has EADS collapsed. It would have created the world's largest defence, security and aerospace group. Here is how the saga unfolded:
12 September: BAE and EADS announce plans for £29.8bn merger: BAE shareholders to own 40% of the combined group while EADS investors would own 60%.
13 September: The UK government appears to back the merger, but the defence secretary demands assurances that it will benefit the national economy and not compromise security.
13 September: Unions raise concerns over job cuts.
16/17 September: The merger faces political obstacles from the French and German governments.
14 September: Lockheed Martin chief calls for a public review of the proposed deal.
23 September: BAE plans to ringfence US defence arm in a bid to win merger approval.
24 September: BAE cranks up Washington lobbying machine to push through EADS merger.
24 September: MPs will hold a public inquiry into the merger.
26 September: Germany threatens to block merger.
27 September: The German defence minister calls for more time to consider the deal.
1 October: EADS chief Tom Enders tries to reassure on jobs; Lagardère, a major EADS shareholder, urges the Franco-German industrial group to re-examine the terms.
1 October: EADS and BAE bosses plead for government support.
4 October: An anti-corruption group warns the merger could produce an arms company too big to prosecute.
8 October: BAE's biggest shareholder Invesco Perpetual goes public with its concerns.
8/9 October: BAE and EADS in last-ditch talks to salvage deal.
10 October: The merger is off as the UK, French and German governments are unable to come to an agreement.