Julian Moxon/PARIS
The French Government is to hand over its 46% stake in Dassault Aviation to Aerospatiale, marking the first in a series of moves by Paris to restructure its aircraft manufacturing sector in preparation for consolidation with Daimler-Benz Aerospace (Dasa), British Aerospace and, eventually, Alenia and CASA.
The Government played down the significance of the handover, saying that the transfer formed part of a "correction" to the overall industrial constitution of Dassault Aviation and should be seen only as a "rapprochement" and not the start of a full blown merger of the two French companies. Nevertheless, the deal is expected to improve Aerospatiale's hand in negotiations with BAe and Dasa to create a single aerospace entity.
Under the deal, both companies will remain separate entities, with state owned Aerospatiale absorbing Dassault's military aircraft business, leaving family-controlled Dassault to concentrate on business jets and electronics. The deal is expected to pave the way for its eventual merger with state owned Aerospatiale and a cut in the state's 100% stake in the group.
For the moment, the French Government refuses to soften its stand against the privatisation of Aerospatiale, seen by its UK and German partners in Airbus Industrie as a necessary prerequisite to any full merger of the three national aerospace industries.
The two French companies say they will form a strategic committee to "-optimise their industrial, commercial and technological resources". Industry sources in Paris say that, in addition to bringing subsidiary operations such as Dassault International and Dassault Falcon Jet into a civil-only Dassault Industrie, there are also plans made to withdraw Dassault Aviation's 4.34% stock market quotation.
This stake will be passed on to Aerospatiale, which will increase its holding in Dassault Aviation to around 50%, with the rest of the company owned by Dassault Industries.
Source: Flight International