By Hendrik Varnholt and Ulrike Dauer
FRANKFURT--ThyssenKrupp AG (TYEKY, TKA.XE) said on Tuesday it
will start talks with Airbus Group (EADSY), which plans to sell its
49% stake in Atlas Elektronik as part of a streamlining
strategy.
The German steelmaker already holds a majority stake in Atlas
Elektronik, a marine electronics and systems business that makes
integrated sonar systems for submarines and torpedoes. The
Bremen-based company was a subsidiary of BAE Systems until 2005
when it was sold to ThyssenKrupp and EADS.
ThyssenKrupp Chief Executive Heinrich Hiesinger said the company
would initiate talks with Airbus over the stake sale, but declined
to comment on whether it would buy Airbus' stake in Atlas.
Earlier in the day, Airbus' Defence and Space unit said it
intends to sell its communications business, some subsidiaries and
stakes in other companies like Fairchild Controls, Rostock
System-Technik, AvDef, ESG and Atlas Elektronik, to streamline its
operations and focus on its space and defense activities.
Airbus' defence and space unit, last year, reviewed its strategy
and identified space, missiles and related systems and services as
its core business, where it plans to invest further.
-Write to Hendrik Varnholt at hendrik.varnholt@wsj.com and
Ulrike Dauer at ulrike.dauer@wsj.com
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