A new hurdle to the 27 billion pound tie-up between BAE Systems and EADS was put up by the French on Tuesday as the country's largest industrial shareholder in EADS said that the 60-40 merger terms were unsatisfactory. Stephen Hester, chief executive of Royal Bank of Scotland, has admitted the institution is a "British poster child for what went wrong in banking".
Financial Times Headlines BANKS REAP PROFITS ON MORTGAGES AFTER QE3- CALL FOR BANK BONUSES TO BE PAID IN DEBT- GOOGLE MARKET CAP TOPS MICROSOFT- XSTRATA RECOMMENDS GLENCORE OFFER- FOUR CHARGED IN INSIDER TRADING DEALING CASE- WORKDAY EYES $3.8 BLN VALUATION IN IPO- BAKRIES TO SELL ASSETS TO REPAY LOAN- FRANCE THROWS COLD WATER ON EADS DEAL- SAC PLACES TOP MANAGER ON LEAVE- Overview BANKS REAP PROFITS ON MORTGAGES AFTER QE3.
*UK could use "golden share" to block deal unless terms met. BERLIN/ PARIS, Oct 1- EADS and BAE Systems battled to save their $45 billion merger plan from the crossfire of competing interests on Monday as governments and shareholders staked out positions in talks aimed at creating the world's biggest arms firm.
LONDON, Oct 1- EADS Chief Executive Tom Enders called for negotiators to resolve uncertainty as soon as possible over a planned $45 billion merger with BAE Systems. We cannot go on much longer, "he told an audience at the Royal Academy of Engineering in London. EADS board chairman Arnaud Lagardere, whose Lagardere.
By Gernot Heller and James Regan. BERLIN/ PARIS, Oct 1- Airbus parent EADS and arms group BAE Systems must restructure a $45 billion merger, a top shareholder said, as a government source threatened that Britain would block talks to create the world's biggest defence company unless its demands were met.
LONDON, Oct 1- The British government would be prepared to use its' golden share' to veto the proposed $45 billion merger between EADS and BAE Systems if the terms were not right for Britain, a defence ministry source said. Priorities for the British government include jobs and future security for BAE plants in Britain.
PARIS, Oct 1- Lagardere Chief Executive Arnaud Lagardere met with EADS CEO Tom Enders on Monday after the media conglomerate issued a statement calling for a rethink of the planned merger between EADS and BAE Systems.
BERLIN, Oct 1- Talks on creating a European aerospace and defence giant through a merger of Airbus parent EADS and Britain's BAE Systems are at risk of failing due to the divergent stances of the governments involved, three German sources said on Monday.
By James Regan PARIS, Oct 1- EADS shareholder Lagardere. told the aerospace group on Monday to review the "unsatisfactory" terms of its planned $45- billion merger with BAE Systems, raising the pressure before a British regulatory deadline next week.
BERLIN-- The chief executives of BAE Systems PLC and EADS NV sought to drum up support Monday for the merger of their two aeronautics and defense companies in the face of growing criticism to the deal, saying in a joint newspaper article an agreement would help both organizations grow.
PARIS, Oct 1- European stocks are set to open lower on Monday, adding to the previous session's losses on mounting concerns over Spain's economic crisis and as data signalled further evidence of slowing growth in China. ,for Germany's DAX and for France's CAC.
COMMERZBANK Indicated 0.5 percent lower. Commerzbank on Saturday declined to comment on a magazine report that it planned to pay no dividend for its 2013 financial year.
PARIS, Oct 1- Key French EADS shareholder Lagardere said the conditions attached to a planned merger of the European aerospace group with Britain's BAE Systems were unsatisfactory and called on management to reexamine the project.
*Britain's FTSE 100 index is seen opening 8 to 12 points lower, or down 0.2 percent, on Monday, according to financial bookmakers.
Separately, the bank's brokerage unit Cheuvreux could cut 290 jobs in France as part of a possible deal with financial services group Kepler Capital Markets to buy Cheuvreux, French daily Les Echos wrote, citing sources close to the matter.
PARIS, Oct 1- Key French EADS shareholder Lagardere said on Monday the conditions attached to a planned merger of the European aerospace group with Britain's BAE Systems were unsatisfactory and called on management to reexamine the project.
Commerzbank on Saturday declined to comment on a magazine report that it planned to pay no dividend for its 2013 financial year.
*UK could use "golden share" to block deal unless terms met. BERLIN/ PARIS, Oct 1- EADS and BAE Systems battled to rescue their $45 billion merger plan from a barrage of competing interests on Monday as governments and shareholders staked out positions in tense negotiations to try to forge the world's largest arms firm.
Italy needs a strong political government, not another technocrat administration when Prime Minister Mario Monti's term ends in the spring, the head of the country's main employers' confederation said on Sunday.
Squawk Box presenters discuss what could be the biggest defence merger in a decade between Britain's BAE Systems and France's EADS. The combination of the two companies would create an industry giant that would rival Boeing.