The peace talks that might have led GEC Plc settling for buying Plessey Co’s 50% of GEC Plessey Telecommunications and abandoning plans to bid for all of Plessey dramatically collapsed yesterday. Word from Plessey was that agreement had been reached for GEC to pay UKP825m for the 50% stake when Lord Weinstock suddenly changed the terms of the agreement and demanded that Plessey include its naval defence systems division in the package. Plessey refused to consider the idea, and is now expecting a new bid for its entire business from GEC Siemens Plc.
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