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BAE AND EADS IN POSSIBLE MERGER TALKS

UK defence contractor BAE Systems has said that it is in talks with European aerospace firm EADS over a possible merger.

EADS is a consortium of aerospace and defence manufacturers from France, Germany and Spain, and owns the planemaker Airbus.

In a potential tie-up, BAE (formerly known as British Aeropace) would own 40% and EADS would own 60% of the new firm.

Both companies would operate as one group, but would be separately listed on their existing exchanges. Speculation about the talks sent BAE shares up 8% on Wednesday.

EADS' US rival, Boeing, said that the merger could increase the Europeans' presence in the US because of BAE's work in the country.

Under the code of the UK's Takeover Panel, the two parties must now announce a decision on the outcome of their discussions by 5pm on 10 October.

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