August 2, 1989 |
General Electric Co. PLC and Siemens AG reached an agreement with the British government on conditions for resuming their joint bid for Plessey Co. PLC, the government said today. The British and German electronics giants have pledged to remedy public interest questions identified by the Monopolies and Mergers Commission, the Department of Trade and Industry said in a brief statement.
April 21, 1989 |
Britain's monopolies monitoring commission gave its conditional approval today to a hostile joint takeover bid for the electronics group Plessey by General Electric Co. of Britain and Siemens AG of West Germany. The Anglo-German bid, announced last November, would create one of Europe's biggest electronics groups, capable of competing with the industry's giants in North America and Japan. Plessey Co. PLC fought hard against the unwanted $2.9-billion bid, launching several unsuccessful court attempts to remain independent.
January 13, 1989 |
Britain and the European Community launched separate monopoly inquiries Thursday into a hostile Anglo-German takeover bid for leading British electronics firm Plessey Co. The bid, made in November by Siemens AG of West Germany and Britain's General Electric Co. (GEC), is worth $3 billion (1.7 billion pounds) and, if successful, would create one of Europe's biggest electronics concerns. Industry analysts said the investigations would give Lazard Bros.
January 12, 1989 |
The government said today it will study further the $3-billion joint bid by General Electric Co. PLC and Siemens AG for Plessey PLC to determine its possible impact on competition in Britain's electronics industry. The decision temporarily blocks the bid from proceeding but allows the two bidders to hold under 15% of Plessey's stock. The bidders quickly increased their stake in Plessey to 14.9%, from about 3%, following the government's announcement.
November 17, 1988 |
Britain's General Electric Co. and Siemens AG of West Germany joined forces Wednesday in a $3-billion (1.7-billion-pound) bid for Plessey PLC, but the leading electronics firm, which is GEC's main British rival, rejected the bid. The takeover, if successful, would create a European electronics and defense conglomerate with interests ranging from radar to telecommunications and nuclear power plants. But Plessey, a major defense contractor with U.S.
April 12, 1988 |
British electronics firm the Plessey Co. announced Monday that it had secured three multimillion-dollar overseas defense contracts. The company said in a statement it had signed a 4-million pound ($7.4-million) contract with the Swedish Royal Navy to update sonar systems on Sea Serpent class submarines with its Hydra advanced sonar. In a 2-million-pound ($3.7-million) deal with the Canadian government, Plessey said it would supply four Shield anti-ship missile decoy systems.