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UPDATE 1-Britain gives Advent's $5 bln Cobham takeover the green light

Sat, 21st Dec 2019 08:25

(Edits, adds background)

LONDON, Dec 21 (Reuters) - Britain has approved Advent
International's $5 billion purchase of defence company Cobham
after the U.S. private equity group made commitments to
address national security concerns.

Business minister Andrea Leadsom had put the deal on hold to
review the sale of air-to-air refuelling equipment maker Cobham,
which employs 10,000 people and also makes communications
equipment for military vehicles.

"I am satisfied that the undertakings mitigate the national
security risks identified to an acceptable level and have
therefore accepted them and cleared the merger to proceed",
Leadsom said in a statement http://bit.ly/2PIzbkS published on
Friday.

Leadsom had said on Tuesday that the new British government
of Prime Minister Boris Johnson was minded to accept the deal
after Advent put forward several legal undertakings, including
having a number of British executives on Cobham's boards.

Advent will have to give prior notice to Britain's defence
ministry if it plans to sell all or part of Cobham's business,
and honour existing contracts with the government.

Founded in the 1930s, Cobham's equipment came to the fore
ahead of World War Two and in the 1982 Falklands conflict. Its
technology is now used in aircraft such as the F-35 Joint Strike
Fighter and Eurofighter Typhoon as well as advanced naval
vessels, satellites and military vehicles.

However, it is still recovering from profit warnings in 2016
and 2017 that forced it to ask shareholders for cash and
prompted Chief Executive David Lockwood to overhaul operations.

Advent bought British electronics company Laird for $1.65
billion last year.

The private equity firm has already won approval from
regulators in the European Union, U.S. and Finland for its
acquisition of Cobham, whose acquisition was backed by
shareholders in September.
(Reporting by Kanishka Singh in Bengaluru; Editing by Simon
Cameron-Moore and Alexander Smith)

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16 Feb 2017 08:53

UPDATE 1-Cobham shares plunge on yet another profit cut for British engineer

(Adds shares, background) LONDON, Feb 16 (Reuters) - Britain's Cobham missed a profit target that had already been repeatedly lowered and took a charge on a troubled contract with Boeing, capping "an incredibly turbulent and disappointing year" for the defence and aerospace group. In

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16 Feb 2017 08:45

European shares steady after 7 days of gains, Cobham slumps

LONDON, Feb 16 (Reuters) - European shares steadied on Thursday after rising for the past seven sessions, with gains in airlines stocks offset by weaker miners and a slump in British engineering group Cobham following a poor update. The pan-European STOXX 600 index was little changed in per

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16 Feb 2017 08:41

LONDON MARKET OPEN: Airlines Up As Cobham Suffers From Profit Warning

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16 Feb 2017 08:11

Cobham issues fifth profit warning after balance sheet review

(ShareCast News) - Cobham warned on profits for the fifth time in just over a year, as it made further extensive write-downs after judging its balance sheet is "clearly not strong enough". The FTSE 250 aerospace and defence group has taken a total £179m charge, including £150m from the KC-46 air tan

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16 Feb 2017 07:48

Cobham takes charge on troubled Boeing tanker programme, cuts guidance

LONDON, Feb 16 (Reuters) - British engineering group Cobham said it would take a 150 million pound ($187 million) charge on its work on Boeing's troubled KC-46 tanker program and downgraded its likely 2016 trading profit again. The company said on Thursday its trading profit for 2016 was e

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20 Jan 2017 09:36

BROKER RATINGS SUMMARY: Exane BNP Cuts Sainsbury's And Tesco

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15 Jan 2017 17:13

Sunday share tips: Cobham, H&T

(ShareCast News) - Cobham has become something of a specialist in profit warnings, having issued four since 2015, but the shares are still worth 'holding', The Times´s Tempus said. During the previous week, the heavily-indebted Dorset-based maker of air-refuelling kit told investors it might have to

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11 Jan 2017 17:41

Pharma weighs on European shares but FTSE sets record-breaking streak

* FTSE 100 scores longest winning streak on record * Pan-European STOXX index ends up 0.2 pct * Trump comments on drug prices hits healthcare stocks * Mediaset rallies on report of Vivendi boss offer (Live coverage of European markets now available on cpurl://apps.cp./cms/?pag

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11 Jan 2017 13:58

UPDATE 3-British aerospace company Cobham misses profit target, scraps dividend

* Early readout puts trading profit at 245 mln stg * Group's already lowered target range was 255-275 mln stg * Scraps dividend after poor result on profit and debt * Shares fall as much as 21 pct (Adds CEO, CFO comments from analyst call) By Paul Sandle LONDON, Ja

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11 Jan 2017 10:40

European shares up, Britain's FTSE set for record-breaking streak

(Adds detail, new comments.) By Kit Rees and Helen Reid LONDON, Jan 11 (Reuters) - European shares rose on Wednesday, with retail stocks back in focus after a well-received update from British grocer Sainsbury, though Cobham tanked on disappointing profits. The pan-European STOX

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11 Jan 2017 10:17

IN THE KNOW: UBS Stays Neutral On Cobham Despite Skipped Dividend

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11 Jan 2017 08:47

EXTRA: Cobham Shares Drop As It Warns Again On Profit, Scraps Payout

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11 Jan 2017 08:41

European shares down, Cobham bottom of STOXX - For more see the European equities LiveMarkets blog

LONDON, Jan 11 (Reuters) - Live coverage of European markets now available on cpurl://apps.cp./cms/?pageId=livemarkets Summary: **European shares down 0.2 pct **British engineer Cobham down 18 pct after profit miss **UK grocer Sainsbury's gains on Christmas trading update<

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11 Jan 2017 07:40

Cobham trading profit falls short of guidance, scraps dividend

(ShareCast News) - Aerospace and defence group Cobham posted group trading profit below guidance for the year ended 31 December and said it was not recommending a final dividend. In a post-close trading update, the company said group trading profit for the year came in at £245m, below the range of £

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11 Jan 2017 07:13

British engineer Cobham misses profit target, scraps dividend

LONDON, Jan 11 (Reuters) - British engineering group Cobham said it made 245 million pounds ($298 million) in trading profit in 2016, at least 10 million pounds short of its target, and as a result of poorer than expected trading would scrap its final dividend. The company said its new man

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