Bae Systems

Defense contractor BAE Systems Inc. said it would buy military armored vehicle maker Armor Holdings Inc. for $4.1 billion, part of BAE's bid to tap into heavy demand from the U.S. military for vehicles in Iraq and other war zones. BAE Systems Inc., a Rockville, Md.-based subsidiary of British defense conglomerate BAE Systems, will pay $88 a share for Armor Holdings, a 7% premium over the closing price of company shares Friday. Including $388 million in debt, the deal is worth $4.5 billion.

Carpinteria man charged with fraud Federal agents arrested a Santa Barbara County man on mail and wire fraud charges related to an alleged Ponzi scheme that raised $12 million from investors across the U.S. Peter Jerald Frommer, 34, of Carpinteria raised the money between 2004 and 2006 by saying his company, Cap Exchange, would invest in surplus property purchased at a discount from defunct companies. He allegedly offered a guaranteed return of 8% to 15% during cycles of a few weeks.

Printrak International Inc. in Anaheim said Tuesday that its British subsidiary has acquired a division of BAE Systems that develops and markets computer-aided dispatch systems for fire and police emergency service units in Britain. Financial terms were not disclosed.

First the stipulation that "Black Money," a "Frontline" look at international bribery, is first-class journalism: high-minded, fact-filled and balanced, with some eye-catching visuals. How could it be anything but stellar given the presence of correspondent Lowell Bergman, one of the top investigative journalists in the nation, if not the world?

Britain's BAE Systems said it was advising its shareholders to vote in favor of selling the company's 20% stake in Airbus to the parent of the joint venture company, confirming a long-awaited move. BAE would sell its stake to European Aeronautic Defense & Space Co., which owns the remaining 80% of Airbus, the chief rival of U.S.-based Boeing Co.

Aerospace group BAE Systems is cutting 1,700 jobs, or 1.7% of its work force, due largely to a decline in demand for its regional jets after the terrorist attacks in the United States. The outlook for smaller, regional aircraft designed for short-haul flights has deteriorated sharply, Chief Executive John Weston said.

BAE Systems, Europe's biggest defense company, agreed to buy United Defense Industries Inc. for $3.97 billion to tap demand for artillery and armor, including the Bradley Fighting Vehicle used by the U.S. in Iraq. BAE will pay $75 a share in cash for Arlington, Va.-based United Defense, 29% more than the closing price Friday. The purchase, the biggest ever of a U.S.

BAE Systems Controls has put its 10.4-acre aerospace plant near Santa Monica Airport up for sale and has begun searching for a new home to accommodate the facility's 700 employees. The Los Angeles parcel is one of the largest in recent years to become available for development on the crowded Westside. People familiar with property nearby say the BAE site might fetch $35 million, if not more.

Boeing Co.'s chief executive said Friday that the aerospace giant was continuing to look at potential acquisitions in Europe, including the defense contractor that owns a stake in Boeing rival Airbus. Any effort to buy BAE Systems, formerly British Aerospace, would receive tough scrutiny on antitrust grounds and face other regulatory obstacles, in part because BAE owns 20% of Airbus, Boeing's only major competitor in the market for commercial jetliners.

* Shareholders in BAE Systems approved the sale of the company's 20% stake in troubled plane maker Airbus to joint venture partner European Aeronautic Defense & Space Co. * Dole Food Co. said Jamaica Producers Group Ltd. had accepted its offer to purchase the 65% of Jamaica's JP Fruit Distributors Ltd. unit that Dole did not already own for $41.9 million in cash.

The Justice Department is investigating whether British defense giant BAE Systems, which supplies Bradley fighting vehicles to the U.S. military and is becoming a major player in the U.S. defense industry, paid bribes to win contracts in Saudi Arabia, Chile and elsewhere, federal officials confirmed Thursday.

Defense contractor BAE Systems Inc. said it would buy military armored vehicle maker Armor Holdings Inc. for $4.1 billion, part of BAE's bid to tap into heavy demand from the U.S. military for vehicles in Iraq and other war zones. BAE Systems Inc., a Rockville, Md.-based subsidiary of British defense conglomerate BAE Systems, will pay $88 a share for Armor Holdings, a 7% premium over the closing price of company shares Friday. Including $388 million in debt, the deal is worth $4.5 billion.

Raytheon Co., BAE Systems and rivals said they expected six Persian Gulf Arab states, including Saudi Arabia, to buy more military equipment such as missiles and drones this year amid local leaders' rising concern over Iran. Raytheon, BAE, Lockheed Martin Corp. and Boeing Co. are among 900 defense exhibitors at International Defense Exhibition being held this week in Abu Dhabi, United Arab Emirates.

Dozens of military vehicles plucked from the battlefields of Iraq stand idle and partly dismantled outside a rural Pennsylvania plant, awaiting mechanics, welders and painters who will prepare them for another tour of duty.

* Shareholders in BAE Systems approved the sale of the company's 20% stake in troubled plane maker Airbus to joint venture partner European Aeronautic Defense & Space Co. * Dole Food Co. said Jamaica Producers Group Ltd. had accepted its offer to purchase the 65% of Jamaica's JP Fruit Distributors Ltd. unit that Dole did not already own for $41.9 million in cash.

Airbus may delay its A380 super-jumbo jetliner longer than initially forecast, the chief executive of BAE Systems, owner of 20% of the world's biggest plane maker, said Wednesday. "I would be surprised if there were not more delays," Mike Turner said at a news conference in London after BAE announced that earnings had increased 28%. Turner is trying to sell the company's Airbus stake. European Aeronautic Defense & Space Co.

* BAE Systems, Europe's biggest weapons supplier, said it will cut at least 3,800 jobs, or 5.4% of its work force in Britain, to eliminate overlap after the purchase of Marconi Electronics last year. BAE, known as British Aerospace before the acquisition, said it plans to close or consolidate operations at more than 60 sites across Britain. Activities in other countries will be reviewed separately.

BAE Systems, Europe's largest defense contractor, asked the Pentagon for permission to bid on parts of TRW Inc., the target of an $11.9-billion unsolicited offer from Northrop Grumman Corp. BAE's overture, first reported by The Times in February, tests the Bush administration's enthusiasm for transatlantic defense mergers.

Britain's BAE Systems said it was advising its shareholders to vote in favor of selling the company's 20% stake in Airbus to the parent of the joint venture company, confirming a long-awaited move. BAE would sell its stake to European Aeronautic Defense & Space Co., which owns the remaining 80% of Airbus, the chief rival of U.S.-based Boeing Co.

British defense and aerospace group BAE Systems confirmed Friday that it was in discussions to sell its 20% stake in aircraft maker Airbus. BAE is negotiating with Franco-German group European Aeronautic Defense & Space Co., which owns the remaining 80% of Airbus, about the sale. EADS recently valued BAE's stake in the aircraft maker at 3.5 billion euros ($4.3 billion).