BAE Orders New Airbus Audit

Britain's BAE Systems ordered an audit of Airbus on Wednesday, pushing back its possible sale of a 20 percent stake in the European planemaker into September at the earliest.

BAE was set to sell the stake to 80 percent owner EADS using a put option but a lower-than-expected valuation of EUR2.75 billion (USD$3.52 billion) on the stake by investment bank Rothschild, brought in to arbitrate between the two sides, threatens to put the sale on hold.

"BAE Systems expects that the audit will assist its board in assessing whether or not to recommend that its shareholders vote in favor of the proposed disposal," BAE said in a statement.


More...