Justin Wastnage/AMSTERDAM
EADS says its European Military Aircraft Company (EMAC) venture with Italy's Alenia should be sealed soon, although sources within the latter's parent, Finmeccanica, says an agreement is still some way off.
Co-chief executive Philippe Camus says he is "confident we will finalise the deal within days". EADS is keen to merge production with Alenia to improve profitability. EMAC could allow rationalisation of work on Eurofighter, in which it will have a 63% stake, for example.
Sources within EADS say the company is especially keen to sign off on EMAC before the formation of a new Italian government following last weekend's election. It is feared that the election of a Berlusconi government could adopt a nationalistic stance threatening elements of the agreement.
Finmeccanica concurs with Camus' estimate of the timetable for a deal, but sources say stumbling blocks remain. At EADS, executive vice-president, aeronautics, Dietrich Russell, says negotiations are almost concluded, but that valuation is a problem.
Other stumbling blocks include the folding into EMAC of trainer specialist Aermacchi, which is part-owned by Finmeccanica, negotiations with the Foresio family having taken longer than expected. On the transport side, Alenia's military transport business is due to be included in EMAC and that of the former CASA excluded. Eurofighter will be the centrepiece, but Dassault, part-owned by EADS, will remain outside.
Source: Flight International
