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Friday, October 11, 2013

BAE Systems Outlook Unchanged, As Long As It Gets Better Saudi Deal

Eurofighter TyphoonAerospace and defence giant BAE Systems Thursday said trading in the third quarter had met its expectations and its outlook remains unchanged, as long as it can successfully conclude talks with Saudi Arabia on improving its deal to supply Eurofighter jets to the country and the US government shutdown isn't too protracted.

BAE Systems signed a GBP4.5 billion deal to sell 72 of the Typhoon jets to the Saudis in 2007, but is now trying to negotiate a better price. The programme is known as the Salam deal.

"The group's guidance continues to anticipate a satisfactory completion to the Salam pricing negotiations this year. However, should negotiations extend beyond the year end, earnings per share for 2013 would be impacted by approximately 6 to 7 pence," BAE warned in a statement.

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