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Aerospace Merger Reportedly Close

July 25, 1999|From Times Wire Reports

DaimlerChrysler Aerospace of Germany and France's Aerospatiale Matra are close to agreement on a merger that would create the world's biggest aerospace company after Boeing, a German newsmagazine reported. Der Spiegel said the plans to fuse the two companies are on the desk of French President Jacques Chirac, who must approve any deal involving the aerospace and defense group Aerospatiale, which is 48% state-owned. The newsmagazine said the deal was worked out by DaimlerChrysler co-Chairman Juergen Schrempp and Jean-Luc Legardere, chairman of Aerospatiale Matra's supervisory board.

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