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March 3, 1997updated 05 Sep 2016 12:26pm

SIEMENS JOINT BID WITH GEC FOR PLESSEY IS MORE SHADOW

By CBR Staff Writer

Siemens AG effectively confirmed on Friday that it’s joint bid with GEC Plc for Plessey Co Plc was very much more shadow than substance when it said it was talking to several possible partners for its defense electronics unit. It declined to name the companies it has talked to so far but said there are a half dozen or more possible candidates – we are looking for a partner that has defense electronics as a core business, it said, and would consider a joint venture or even outright sale of its unit, which employs 5,000 people, the overwhelming majority in the UK.

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