Continued speculation over the expected merger between British Aerospace (BAe) and DaimlerChrysler Aerospace (Dasa) has put talks on the future of Airbus Industrie on hold.
This threatens to further delay the creation of a single corporate entity (SCE) to beyond the start of 2000 as France seeks to retain its leading position in the commercial aircraft giant.
At present, Dasa and Aerospatiale each control 37.9% of Airbus, with British Aerospace holding 20% and CASA of Spain the rest.
A merger of UK and German interests could result in France becoming a minority partner in the new company.
Aerospatiale says it is "waiting for clarification" on the merger, and at a meeting of the four partner presidents on 4 December, refused to exchange dossiers containing valuations of each partner's Airbus assets. "Until we know what we are facing, we cannot go forward," says the French company.
Dasa was dismayed at the French tactics, saying there was "no reason" for such a move because the valuation of each company's share in the future SCE would not be affected by a merger with BAe.
"The exchange of valuations has already been delayed by a year," it says. "The last obstacle was removed a few weeks ago [with the agreement that the SCE headquarters would be based in France] and there is now the danger that the figures will become out ofdate with the new financial year."
Aerospatiale has been offered 50% voting rights in the new entity, but is said to have made a last-minute demand for a 50% financial stake in it as well, leaving the other three partners controlling the rest. Aerospatiale says "nothing formal" was proposed on a 50% financial stake.
Source: Flight International
