BAE Abandons SAAB Gripen
British arms manufacturer BAE Systems is giving up its part-ownership in Sweden’s SAAB Defense Company. All SAAB stock held by BAE will be bought by Swedish industrial holding company Investor, a spokesman announced in Stockholm. According to Investor the purchase price for the shares will amount to 150 million dollars. The Swedish company will then own 31 percent of SAAB Defense Systems’ capital. Analysts in Stockholm called the transaction ‘a vitamine injection’.
BAE Systems had earlier signalled that it had lost interest in marketing SAAB’s Gripen fighter plane. BAE announced it will focus on the American-European Joint Strike Fighter Project instead.