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Thursday, June 12, 2008

BAE and VT sign shipbuilding JV deal

BAE Systems and VT Group have signed the final legally binding agreement to form their shipbuilding naval support joint venture called BVT Surface Fleet.

Under the terms of the deal, which are substantially unchanged from those set out in the framework agreement in July, BVT will be owned 45% by VT and 55% by BAE Systems.

BVT will combine VT's and BAE Systems' respective surface warship and through-life naval support businesses, including their 50% stakes in Fleet Support Limited. VT has an option to sell its stake in BVT to BAE for at least £380m.

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