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. Last Updated: 07/27/2016

BAe Takeover Approved

LONDON -- Conditions announced by the British government for the approval of British Aerospace's takeover of the defense arm of GEC's Marconi Electronic Systems appear to be as easy as the company could have hoped for.

Secretary of State for Trade and Industry Stephen Byers made clear that, subject to approval from shareholders and U.S. authorities, BAe will be permitted to buy MES from General Electric Co. and become Europe's biggest defense contractor and one of the top three worldwide.

Byers gave BAe until Feb. 9 to commit itself to minimizing the anti-competitive effects of the share and debt deal worth around pounds 7 billion ($11 billion).