Mergers off as BAE profits fall

The UK defence contractor, which last year failed to pull off a £30bn tie-up with Airbus-owner EADS, warned of job cuts running into the hundreds after a first six months hit by defence spending cuts and ongoing delays in price negotiations for 72 Saudi Typhoon fighter jets. Ian King, chief executive, said that despite the “challenging environment”, there was no need for more merger talks or any radical change in strategy.

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