Alvis plc
BAE Systems Land Systems | |
| Headquarters | London, England |
|---|---|
Alvis PLC was created when United Scientific Holdings plc acquired the
Alvis acquired
History
In 1992 United Scientific adopted the name Alvis plc.
In October 1997 Alvis acquired the armoured vehicle business of Hägglund & Söner, which was later renamed Alvis Hagglunds AB. In September 1998 Alvis acquired the armoured vehicle business of GKN in a deal which saw GKN take a 29.9% stake in Alvis. GKN's shareholding was purchased by BAE Systems in September 2003 for £73 million.[2]
In early 2000 Alvis sold a share of its Avimo Group optronics subsidiary to Thomson-CSF and sold all of its remaining shareholding to Thales Group (the renamed Thomson-CSF) in 2001.
In 2002 Alvis acquired
BAE takeover
In 2004, the board of Alvis approved a £309m takeover bid by the American defence company General Dynamics. Within three months BAE Systems, which already had a 29% stake in the company, outbid General Dynamics by offering £355m. The action was seen as a defence of the home market from a foreign rival. David Mulholland of Jane's Defence Weekly said "I don't believe BAE expects to make money from this deal," characterising the purchase as strategic rather than commercial. The bid was accepted by the majority of shareholders.[4]
In September 2004, BAE announced the creation of
See also
References
- ISBN 9780850451634.
- ^ "BAE Systems completes purchase of GKN's 29% stake in Alvis". BAE Systems plc. 2 September 2003. Archived from the original on 19 May 2006. Retrieved 21 June 2006.. Press release
- ^ "Vickers taken over by Alvis". BBC News. 1 October 2002.
- ^ "BAE triumphs in tank firm battle". BBC News. 4 June 2004.