French government wants to exit defence stakes 25 Jun 2003 The French state intends to sell out of Thales and EADS. This looks to be aimed at fostering the emergence of a European aerospace champion. It won't happen soon. But when it does, the government should avoid sweetheart deals and encourage an auction for control of Thales.
Airbus wins pyrrhic victory over Boeing 19 Jun 2003 The European aerospace group may be pulling in more orders than its US rival. Witness the Paris air show. But that doesn't make it the stock to own. The cost is apparent in the underperformance of its parent Eads' shares visavis Boeing.
France fears US investors may buy its military secrets 17 Jun 2003 This is paranoia. It ignores the fact that private equity firms are moneymaking ventures, not proxies for the Pentagon. Europe's defence industries need access to new markets in the US. Locking out US investors doesn't seem a good way to advance this.
Thales denies BAe merger plan 9 Jun 2003 That's hardly surprising. Merging the French and British defence groups couldn't have got anywhere because of political obstacles. Even so, the flirtation has provided a fillip to BAe shares ironically because it will probably be bought by Americans.