Ferranti International Plc announced yesterday that it has completed the sale of its missile business to GEC Plc for UKP38m (CI Nos 1,817; 1,795): on completion, Ferranti received UKP33m plus reimbursement of the net cash flow of the missile business since April 1 last year; the balance of the consideration of UKP5m, after adjustment on account of cash flow, will be paid to Ferranti next month; meanwhile, Ferranti will return the UKP33m to GEC, to settle an old score – to reimburse GEC which feels it paid too much for the Defence Systems business it bought off Ferranti in March 1990.
