GEC Plc and Siemens AG yesterday announced revised proposals for their carve-up of Plessey Co should they be permitted to launch a new bid by the Monopolies & Mergers Commission. Under the new plan, Siemems would now take Plessey’s traffic control division outright, and would also get its radar and defence systems businesses, including military communications and the Australian defence activities – which doesn’t seem to answer the criticism that a West German company seems an unreliable holder of UK defence interests in light of recent events. GEC would now take full control of Plessey’s UK avionics and naval systems units and UK cryptography operations. In North America, GEC is to get Sippican outright and Leigh Instruments, Canada, outright, and manage, and get 75% of, Plessey Electronic Systems, acquired from Singer Co, with Siemens retaining a 25% stake. And GEC would now get only a 35% stake in Siemens’ West German defence unit, and not 50%.
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