Lord Weinstock on GEC attempt to buy Plessey

Title

Lord Weinstock on GEC attempt to buy Plessey

Genre

Interview

TX Date

16 Nov 1988

Year of production

1988

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Duration

00:02:39

Description

Another bitter takeover battle involving two of Britain’s electronics giants is looming in the city. GEC is making another attempt to buy up Plessey, just two years after it was blocked by the Monopoly and Mergers Commission over fears it would reduce competition for defence contracts. This time GEC has teamed up with the huge German operation Siemens to launch a 1.7 billion-pound bid. The offer is 225 pence per share, but Plessey is asking its shareholders to reject the offer. GEC’s Chairman, Lord Weinstock (Arnold Weinstock), says the situation has vastly changed since his failed attempt in 1985. Male reporter not identified.

Contributors

Arnold Weinstock

Keywords

Companies; Economics; Business; Plessey; Business acquisitions; GEC; Siemens

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