With Metsun Ltd folding its tents after switching advisors to Baring Brothers & Co after Lazard Brothers & Co asked to be excused, the spotlight in the Plessey Co Plc defence on which Lazard remains the advisor switched to Paris, where Thomson SA has not lost interest in the battle. It now seems very possible that Plessey will seek to do a GEC by agreeing to pool some of its defence businesses with those of the French firm and invite Thomson to take a stake in Plessey. Barings took little time to decide that in the rapidly changing circumstances, Metsun’s proceeding with an offer for GEC Plc was no longer feasible.
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