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Article: European Panel Clears GD's Purchase of Alvis.(Brief Article)
- Article from:
- Defense Daily International
- Article date:
- May 28, 2004
CopyrightCOPYRIGHT 2004 Access Intelligence, LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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General Dynamics' [GD] pending acquisition of British armored combat vehicle maker Alvis cleared one hurdle this week with the European Union's (EU) European Commission approval of the deal.
The $556 million deal still awaits approval from the United Kingdom government and Alvis stockholders, who must tender at least 50.1 percent of their shares.
"General Dynamics is pleased with the EU Commission's decision," a company spokesman said. With its current interests in Europe, GD produces combat vehicles in Spain, Switzerland and Austria. The acquisition of Alvis would give the company penetration of the combat vehicle markets in the U.K and Sweden.
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