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June 22, 1987

STC TO BID FOR FERRANTI – POSSIBLE GEC TO BID FOR PLESSEY – BLOCKED BY DTI

By CBR Staff Writer

Meanwhile Ferranti shares have been decidedly jumpy over the past few days as a result of not very credible rumours that Something Is Up in the UK electronic sector – anything from GEC returning for a second bite at Plessey, to STC making an agreed bid for Ferranti: the latter is certainly possible, the former, which anyway sounded ludicrous, was quashed yesterday by the Secretary of State for Trade & Industry releasing text of a year-old undertaking given his department by GEC that it would not take its holding in Plessey beyond 15% without Lord Young agreeing to it first; it also may not merge any subsidiary with one of Plessey’s without first getting the blessing of his Lordship’s department for the transaction.

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