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. Last Updated: 07/27/2016

French Defense Merger

PARIS -- Leading French aerospace companies said Wednesday they had drawn up a pact paving the way for a domestic defense consolidation.

The accord - which sets out areas of cooperation and competition in missiles, electronics and satellites - clears up problems generated by a plan to merge Aerospatiale and Lagardere group's Matra High Technology unit.

That merger aims to prepare France for a wider European industry rationalization.