While Plessey and GEC sort that one out, attention on Friday turned smartly to two of the other three major players in the UK defence electronics arena, Ferranti and STC: the current bedding- down period between Ferranti and International Signal & Control announcing their engagement, and consummation of the marriage in a month or so is widely seen as the last opportunity for STC to move for Ferranti, arguably its best prospect for achieving its ambition to become a substantial defence play – and the International Signal share price is lagging way behind the putative value put on it by the Ferranti agreement, which means that in the consensus of the City, that merger is going to be pre-empted by a move for Ferranti from STC or elsewhere.
