Julian Moxon/PARIS
Battle lines are hardening between the groups competing for the lead in Europe's defence electronics and space restructuring, with a new ownership structure laid down for the French grouping being built around Thomson-CSF, and confirmation from Italy's Alenia that it is close to choosing a space partner.
After months of speculation, details have been firmed up for ownership of the newly enlarged defence electronics giant centred on Thomson-CSF. The French Government confirms that it will see its holding cut from 58% to just under 43% in the group, while new partners Alcatel Alsthom, Dassault Electronique and Aerospatiale will together account for another 26%. The remainder is accounted for by publicly floated shares.
Alcatel will emerge as the largest single industrial investor with 16.4% of the new group, in return for handing over its aerospace interests. Alcatel president Serge Tchurk says that his company will have the right to take "major strategic decisions affecting the development of Thomson-CSF", although there will be little influence on day-to-day management.
Alcatel will also take a controlling 51% of the new satellites business, which has been formed from the pooling of assets with Aerospatiale and Thomson-CSF, which will hold the remainder.
Dassault Industries will hold another 6% of the new Thomson-CSF in return for merging its Electronique unit into the business, while Aerospatiale will also receive a 4% stake in the defence electronics giant and another Fr1.25 billion ($152 million) in cash as recompense for the loss of its satellites operation.
The plan for the group will now be submitted for approval to the French privatisation committee. Although it has blocked past sell-off plans involving wider European integration, it is due to give assent within the coming weeks to what is now a purely French merger.
The French Government has made clear that it wants to see the new grouping form the nucleus for wider European consolidation and has indicated that it could further reduce its stake in Thomson-CSF to make room for investment by GEC-Marconi. However, the UK group, with partner Alenia Difesa secured, has kept options open for a transatlantic alliance.
Lagardère, through its Matra subsidiary, also continues to build its rival space and missiles alliance. Daimler-Benz Aerospace (Dasa) has already pooled its LFK missiles subsidiary with the Matra BAe Dynamics venture and is in the process of linking its space business with that of Matra-Marconi. "We want to be the world leader in space, and we have the same objective in missiles," says Philippe Camus, one of Lagardère's two newly appointed co-presidents.
Meanwhile, both rival groupings continue to court Italy's space business. Alenia Aerospazio president Georgio Zappa confirms that a choice of merger partner is due "within the next few months".
"We think it is essential to maintain a strong role in the satellites business," says Zappa, although he discounts any interest in the launcher business, led in Europe by Aerospatiale/Arianespace. He adds that, while Alenia may currently have lower sales than its potential partners, it offers "considerable capacity" for development and manufacture as well as investment.
"We believe Europe should become a centre of excellence for global multimedia," he says. "We also think that navigation satellites and small satellites will be very strong growth areas."
Source: Flight International