Loral Corp says its bid for the Ford Aerospace unit of Ford Motor Co topped the offers from the other two contenders and that it is the winner. The price has not been disclosed, but it is suggested that it is about $800m in cash plus assumption of debt and liabilities to employees. The move will shoot Loral up the scale of US defence electronics and aerospace companies. Loral said it had financing for the deal in place and that it would not create a big debt burden for the New York company. To start with, the firm will be equally owned by Loral with banking partnerships of Shearson Lehman Hutton Inc. Loral will have the option to increase its stake in it at a later date.
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