Kein Rüstungsgigant aus Europa: Fusion von EADS und BAe abgesagt

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Den Rüstungsgiganten aus Europa wird es nicht geben. Die Luft- und Raumfahrt- und nicht zuletzt Rüstungsunternehmen EADS und British Aerospace Systems (BAe) haben ihre Fusion abgesagt. Die Gründe liegen, so heißt es bislang nicht offiziell, am Widerstand der beteiligten Regierungen – und da wird in erster Linie Deutschland genannt:

Rather than being a commercial decision, the deal collapsed on the back of a lack of political will, predominantly from the German government. France owns 15% of EADS and the UK has a “golden share” in BAE – Angela Merkel’s administration were reportedly concerned about German influence being marginalised were the merger to go ahead.
While Britain and France made tangible “red lines” for the deal, the German government set its conditions in stone and appears to not have budged during the negotiations. A late demand for the merged company headquarters to be in Munich rather than Toulouse, which is where EADS chief executive Tom Enders recently moved the company HQ from its dual bases in Paris and Munich, put even more pressure on the deal.

Die BBC meldet sogar knallhart: Deal blocked by German Government

Jetzt wäre eine deutsche Regierungs-Stellungnahme doch interessant. (Nachtrag: siehe unten)

Die Erklärung von EADS im Wortlaut:

Termination of talks regarding the possible merger of BAE Systems and EADS
Leiden, NL / London, UK, 10 October 2012
Following the announcements made by BAE Systems plc (“BAE Systems”) and EADS N.V. (“EADS”) on 12 September 2012 in relation to a possible combination of their businesses through a dual listed company structure, BAE Systems and EADS announce that they have decided to terminate their discussions.
BAE Systems and EADS believe that the merger was based on a sound industrial logic and represented an opportunity to create a combination from two strong and successful companies greater than the sum of the parts. The merger would have produced a combined business that would have been a greater force for competition and growth across both the commercial aerospace and defence sectors and which would have delivered tangible benefits to all stakeholders. Discussions with the relevant governments had not reached a point where both companies could fully disclose the benefits and detailed business case for this merger. BAE Systems and EADS are, however, confident that these would have provided a strong case to take to their shareholders.
As between themselves, BAE Systems and EADS had agreed the principal terms of the merger, subject to the approval of their respective Boards, including:
• The commercial terms of the merger;
• The legal structure of the merger;
• Governance arrangements which would enable the combined business to operate in a normal commercial manner;
• A unified management and Board structure;
• The strategy for the combined business;
• Near-term dividend policy;
• The cost saving and revenue benefits of the combination and associated implementation plan.
From the outset of discussions between the parties, both BAE Systems and EADS were clear that they would proceed with a merger of their businesses only if a transaction structure could be created that aligned the interests of the parties’ stakeholders and received their strong support. BAE Systems and EADS worked constructively to deliver such a structure.
Notwithstanding a great deal of constructive and professional engagement with the respective governments over recent weeks, it has become clear that the interests of the parties’ government stakeholders cannot be adequately reconciled with each other or with the objectives that BAE Systems and EADS established for the merger. BAE Systems and EADS have therefore decided it is in the best interests of their companies and shareholders to terminate the discussions to focus on delivering their respective strategies.
Ian King, Chief Executive of BAE Systems, today said:
„We are obviously disappointed that we were unable to reach an acceptable agreement with our various government stakeholders. We believe the merger presented a unique opportunity for BAE Systems and EADS to combine two world class and complementary businesses to create a world leading aerospace, defence and security group.
However, our business remains strong and financially robust. We continue to see opportunities across our platforms and services offerings and in the various international markets in which we operate. We remain committed to delivering total shareholder value, including a progressive dividend policy, and look to the future with confidence.“
Tom Enders, Chief Executive of EADS, today said:
“I’d like to thank everybody who supported us, in particular all the colleagues at BAE Systems and EADS for all their hard work and dedication to this project in recent months. A special thank-you goes to Ian King for his trust and partnership. It is, of course, a pity we didn’t succeed but I’m glad we tried. I’m sure there will be other challenges we’ll tackle together in the future. EADS will continue on its international growth path and our shareholders can continue to expect profitable growth, excellent liquidity and programme execution based on a strong order book.”

Nachtrag: Von der Bundesregierung habe ich noch nichts gesehen Die Bundesregierung reagierte recht knapp:

Der Sprecher der Bundesregierung, Steffen Seibert, zu der Erklärung von EADS und BAE Systems:
Die Bundesregierung nimmt die Entscheidung der Unternehmen zur Kenntnis.
Die Bundesregierung unterstützt die bereits heute vorhandene Zusammenarbeit beider Unternehmen und hat volles Vertrauen in die unternehmerische Führung von EADS.
Für die Bundesregierung steht nunmehr im Vordergrund, dass sich die EADS in allen Geschäftsfeldern weiter positiv entwickeln kann.
Dafür wird die Bundesregierung unter anderem auch die Verhandlungen zur Übernahme von Anteilen von Daimler durch die KfW fortsetzen.

Interessant ist die Stellungnahme vom CDU-Bundestagsabgeordneten (und Verteidigungsauschuss-Mitglied) Bernd Siebert – und ich frage mich, wem nun seine Kritik gilt? Doch nicht etwa einer CDU-geführten Bundesregierung?

Das Scheitern der Fusionsgespräche zwischen EADS und BAE Systems macht deutlich, wie weit wir in Fragen von Sicherheit und Verteidigung von gemeinsamen europäischen Interessen entfernt sind. Statt Weitsicht und strategischer Überlegungen haben kleinliche Bedenken die Verhandlungen dominiert. Es wurde damit die große Chance vertan, Europa in industrieller Sicht wettbewerbsfähiger aufzustellen. Die zukünftigen Risiken bleiben aber bestehen: kleinteilige, national geprägte wehrtechnische Märkte werden bei weiter rückläufigen Budgets viele Unternehmen in existentielle Nöte bringen.
Fehlendes strategisches Denken hat einmal mehr Europas Position auf den Weltmärkten geschwächt, das ist sehr zu bedauern. Es bleibt nur zu hoffen, dass dieser Rückschritt nicht dazu führt, dass andere wehrtechnische Unternehmen, die sich mit ähnlichen Gedanken tragen, abgeschreckt werden.