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| BAE silent on Airbus sale report | BAE silent on Airbus sale report |
| (about 2 hours later) | |
| Defence and aerospace group BAE Systems has declined to comment on a newspaper report that it will this week announce the sale of its 20% stake in Airbus. | Defence and aerospace group BAE Systems has declined to comment on a newspaper report that it will this week announce the sale of its 20% stake in Airbus. |
| BAE, which first said in April that it was looking at withdrawing from the pan-European aircraft-maker, should make £1.9bn from the sale. | BAE, which first said in April that it was looking at withdrawing from the pan-European aircraft-maker, should make £1.9bn from the sale. |
| The buyer is expected to be EADS, the Franco-German group which owns the remaining 80% stake in Airbus. | The buyer is expected to be EADS, the Franco-German group which owns the remaining 80% stake in Airbus. |
| The Observer said BAE was ready to sell despite being unhappy with the price. | |
| Delay problems | Delay problems |
| According to widespread reports over recent months, UK-based BAE had initially been hoping to get significantly more for its Airbus stake. | According to widespread reports over recent months, UK-based BAE had initially been hoping to get significantly more for its Airbus stake. |
| Unfortunately for BAE, since April Airbus has been rocked by delays to the development of its new Airbus A380 super-jumbo, and the £1.9bn valuation was independently calculated by investment bank Rothschild. | Unfortunately for BAE, since April Airbus has been rocked by delays to the development of its new Airbus A380 super-jumbo, and the £1.9bn valuation was independently calculated by investment bank Rothschild. |
| The Observer said that BAE was now ready to accept the lower price, as the firm thinks things will only get worse at Airbus before they are turned around. | The Observer said that BAE was now ready to accept the lower price, as the firm thinks things will only get worse at Airbus before they are turned around. |
| A BAE spokeswoman said the firm was not making any comment. | A BAE spokeswoman said the firm was not making any comment. |
| Airbus employs 13,000 people in the UK, where it designs and builds the wings for its planes across two main sites - Broughton in North Wales and Filton near Bristol. | Airbus employs 13,000 people in the UK, where it designs and builds the wings for its planes across two main sites - Broughton in North Wales and Filton near Bristol. |