BRITAIN’S biggest defence firm has announced a £4.3billion takeover of a US space technology business.
BAE Systems snapped up part of Ball Aerospace as space plays “an increasingly important area in the future of warfare”.
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It saw off competition from private equity firms and rival defence businesses General Dynamics and Textron in the biggest takeover by a UK firm this year.
Ball Corporation’s well-established space business has provided software for the Mars Rover and tech for the Hubble Space Telescope.
Its technologies allow enemy threats to be monitored and laser communications to be linked with fighter drones via satellites.
It has been trying to offload the business to bring down debt and focus on packaging, its core interest.
BAE says its acquisition will boost its space, military and civil technologies and strengthen ties with Nasa.
Boss Charles Woodburn said: “Space is an increasingly important area in the future of warfare. You see it already in the terrible conflict in Ukraine. Space gives you targeted precision to see what the enemy is doing.”
BAE has been on the up following a rise in defence spending for the Ukraine war.
However, its shares fell 4.76 per cent to 955p yesterday on analysts’ suspicions that it paid too much in what was its largest ever deal.
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Wilko’s not KO
ADMINISTRATORS PwC will today name the potential rescue buyers for Wilko.
Sources said rivals B&M Bargains, Poundland, The Range and Home Bargains had lodged an interest.
PwC spent yesterday weighing up the offers which range from a handful to 300 stores.
One bidder is keen to stick with the Wilko brand name.
No deal is certain and it is unlikely a buyer will keep all 400 shops or 12,500 staff.
Wilko shops will launch a sale today amid the uncertainty over the firm’s future.
I made it without full marks
DISAPPOINTED A-level students have been urged to take stock and consider working in retail by the boss of Marks & Spencer.
After the biggest grade drop on record yesterday plenty of youngsters will miss out on their university dreams.
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M&S managing director Stuart Machin said the same happened to him — but shelving hopes of becoming a teacher was the making of him.
He said: “I got okay grades but they weren’t high enough for my chosen university.
“I looked at polytechnics but got accepted on the management training scheme at Sainsbury’s.”
It followed his stints in the store at weekends and evenings.
He added: “Because of my internal experience they fast tracked me and put me on the graduate scheme. Having worked part time in retail I’d already had a passion for it and I’ve never looked back.
“I always believe things work out right in the end and retail offers huge opportunities for people.
“If you have not done as well as you hoped then don’t worry. Hard work pays off.”
Mr Machin said missing out on uni now does not mean an end to studying.
He said: “There’s more opportunities to study later in life and many people do so.
“You can still have a rewarding career and you’re always learning in life.
“As I’ve progressed I’ve had opportunities to study further.
“Over the last few years I’ve been to Harvard twice. I’m still learning now.”
H&M will cut ties
H&M has pledged to gradually stop sourcing cotton from Myanmar after claims of human rights abuses.
The Business and Human Rights Resource Centre found 21 cases of labour abuses in garment factories.
Zara owner Inditex, Primark and Marks & Spencer have cut ties with suppliers in Myanmar amid concerns for workers.
Wage reduction, theft, forced work and unfair firings are alleged.
Walmart is hitting target
THE world’s biggest retailer, Walmart, yesterday posted a rise in sales a day after rival Target said a backlash to its Pride merch had caused its first decline in six years.
Target said sales had dropped six per cent after it had to pull items after fury over its 2,000-strong collection of LGBTQ friendly products.
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It included “gender fluid” mugs, “queer all year” calendars and books for children such as Bye Bye, Binary and I’m Not a Girl.
Walmart said US shoppers were hunting for bargains and it was selling more kitchen utensils as people switched to cooking at home, rather than ordering takeaways.
Despite cautiousness about stubborn inflation, Walmart posted a 5.7 per cent rise in sales over the past three months to £126billion.
Two years ago it sold Asda to the billionaire Issa brothers in a £6.8billion deal.
China’s fragile
CONCERNS about China’s fragile property market is spooking investors worldwide.
The fears have been sparked by one of its biggest real estate companies, Country Garden, missing a string of debt repayments raising fears it could default.
The company has now suspended trading of some of its bonds causing even bigger jitters.
China is the world’s second biggest economy and its property industry makes up around a quarter of that.
Experts problems will have big implications other nations.
