Britain's BAE Systems (BA.L: Quote, Profile , Research) and VT Group (VTG.L: Quote, Profile , Research) said on Wednesday they had entered a framework agreement to merge their shipbuilding operations.
BAE will hold 55 percent and VT the remainder and the deal will involve BAE selling its 50 percent stake in Flagship Training Ltd to VT for up to 75 million pounds ($154.5 million).
BAE said in a statement to the London Stock Exchange that VT would have the right to put its stake on BAE, either in whole or so as to reduce it to 20-24.9 percent, from one year after completion.
BAE will hold 55 percent and VT the remainder and the deal will involve BAE selling its 50 percent stake in Flagship Training Ltd to VT for up to 75 million pounds ($154.5 million).
BAE said in a statement to the London Stock Exchange that VT would have the right to put its stake on BAE, either in whole or so as to reduce it to 20-24.9 percent, from one year after completion.