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BAE Systems plc
Company typePublic (LSE: BA., Template:Otcbb)
IndustryAerospace and defence
Founded30th November, 1999
HeadquartersFarnborough, Hampshire, UK
Key people
Dick Olver, Chairman
Mike Turner, CEO
ProductsCivil and military aerospace
Defence electronics
Naval vessels
Munitions
Land warfare systems
RevenueIncrease £15,411 million GBP (2005) [1]
£1,182 million GBP
£553 million GBP
Total assets22,980,000,000 pound sterling (2016) Edit this on Wikidata
Number of employees
100,100
SubsidiariesBAE Systems Inc.
Websitewww.baesystems.com

BAE Systems plc is the world's fourth largest defence contractor [2] and a commercial aerospace manufacturer. BAE is a British company based at Farnborough, which has extensive worldwide interests, particularly in North America through its subsidiary BAE Systems Inc. BAE was formed on 30th November 1999 with the merger of British Aerospace (BAe) and Marconi Electronic Systems (MES), the defence arm of The General Electric Company (GEC).

History

The British Aerospace/Marconi Electronic systems merger was agreed to on April 27, 1999. MES was acquired by BAe for £7.7 billion.

Heritage

Evolution of UK aviation, 1955 to BAE Systems formation in 1999 (includes naval acquisitions)
Evolution of the land systems division of BAE Systems, 1970s to Land & Armaments formation
The evolution of the British shipbuilding industry, including BAE Systems Naval Ships and BAE Systems Submarines

As a result of the BAe/MES merger, BAE Systems is the successor to many of the most famous British aircraft, defence electronics and warship manufacturers.

Marconi Electronic Systems had a heritage of almost 100 years. Following GEC's acquisition of Marconi in 1968 the Marconi brand was used for its defence businesses e.g. Marconi Space & Defence Systems (MSDS), Marconi Underwater Systems Ltd (MUSL). GEC's history of military products dates back to World War I with its contribution to the war effort then including radios and bulbs. World War II consolidated this position with the company involved in many important technological advances, most notably radar. Between 1945 and the BAe merger in 1999, the company became one of the world's most important defence contractors. GEC's major defence related acquisitions included Associated Electrical Industries in 1967, the electronics business of English Electric (including its Marconi subsidiary) in 1968, Yarrow Shipbuilders Limited in 1985, parts of Ferranti's defence business in 1990, Vickers Shipbuilding and Engineering in 1995 and Kværner Govan in 1999. In June 1998, MES acquired Tracor, a major American defence contractor, for $1.4bn.

British Aerospace was the result of massive consolidation of UK aircraft manufacturers since the Second World War. British Aerospace was formed on 29 April, 1977 by the nationalisation and merger of The British Aircraft Corporation, the Hawker Siddeley Group and Scottish Aviation. Both BAC and Hawker Siddeley were themselves the result of various mergers and acquisitions; BAC incorporated English Electric Aviation Ltd., Vickers-Armstrong (Aircraft), the Bristol Aeroplane Company and Hunting Aircraft while Hawker Siddeley was formed by Hawker Aircraft's purchase of aviation businesses including Gloster Aircraft, Armstrong Whitworth Aircraft, A.V. Roe and later merger with de Havilland in 1959. This was followed by the acquisition of Folland and Blackburn Aircraft and in 1960 this group was consolidated as the Hawker Siddeley Group.

Formation

It was widely anticipated that BAe would merge with Germany’s DASA to form a pan-European aerospace giant; however BAe chose instead to merge with GEC’s defence electronics business. [3]The attraction of MES may well have been Tracor, which was the largest European defence purchase in the United States at that point. Following the BAe/MES merger, DASA instead merged with Aerospatiale to create the European Aeronautic Defence and Space Company (EADS). This group was joined by Spain’s CASA following an agreement in December 1999.

The creation of what could be described as a UK company, compared with what would have been an British–German firm, made the possibility of penetrating the US defence market more likely. Since its creation the company has steadily increased its investment in and revenues from the US. At the same time, continental European companies have made limited moves into that massive market. Major European companies such as Thales and EADS are unlikely to ever be awarded, for example, a position relative to BAE Systems' involvement in the F-35 Joint Strike Fighter programme.

In the company's 2003 Annual Report, Sir Richard Evans sums up BAE Systems' strategy since the Marconi merger; "In recent years BAE Systems has undergone a radical transformation from a UK-based aircraft manufacturer to a broadly-based systems business. Through this transformation the company has achieved a more balanced portfolio and geographic spread."

BAE Systems inherited the "special" shareholding that was established when British Aerospace was privatised. This special share, with a nominal value of £1, is held on behalf of the Secretary of State for Trade and Industry. This shareholding prevents amendments of certain parts of the company's Articles of Association without the permission of the Secretary of State. [4]These Articles require that no foreign person or persons acting together may hold more than 15% of the company's shares or control the majority of the board; the CEO and the Chairman of BAE Systems must be British nationals.

Expansion and restructuring

With almost total consolidation of the defence industry on the European continent, BAE Systems turned its attention to North America, for example acquiring Lockheed Martin Control Systems, (LMCS) which produces controls for the B-2 Spirit bomber, the C-17 Globemaster strategic transport, the F/A-18 Hornet, the Boeing 757 and Boeing 767 commercial jets. Another acquisiton was Lockheed Martin Aerospace Electronic Systems, completed in November 2000. BAE has long been the subject of press reports linking it to major North American defence contractors, for example Boeing, Lockheed Martin and General Dynamics. The company's shipbuilding assets (and Airbus in the Boeing context) have been named as blocks to any merger. [5]The appeal of a link with a North American company is strong as the US defence market is by far the largest in the world. BAE Systems faces considerably fewer hurdles in this sense than their European counterparts, as there is a high degree of integration between the US and UK defence establishments.

In November 2001, BAE announced the closure of the Avro Regional Jet (Avro RJ) production line at Woodford and the cancellation of the Avro RJX, an advanced series of the aircraft family. The final Avro RJ to be completed became the last all-British civil airliner. BAE continues to support operators of its products through BAE Systems Regional Aircraft. In December 2001 BAE's missile businesses were merged into MBDA, in which it acquired a 37.5% stake. This included its share of the joint ventures Matra BAe Dynamics and Alenia Marconi Systems (missile division only).

In June 2002, BAE confirmed it was in takeover discussions with TRW, an American aerospace, automotive and defence business. This was prompted by Northrop Grumman's $5.9 billion (£4.1bn) hostile bid for TRW in February 2002. A bidding war between BAE, Northrop and General Dynamics ended on 1st July 2002 when Northrop's increased bid of $7.8bn (£5.1bn) was accepted. In December 2002, BAE issued a shock profit warning due to cost overruns of the Nimrod MR4 maritime reconnaissance/attack aircraft and the Astute SSN projects. BAE Systems took a charge of £750 million against these projects.

In May 2004, it was reported that BAE Systems was considering selling its shipbuilding division, the two Clyde shipyards and the Barrow-in-Furness yard. The company would only say that it was reviewing its operations. It was understood that General Dynamics would like to acquire the submarine building facilities at Barrow, while Vosper Thornycroft was said to be interested in the remaining yards. [6]As of 2006 the more likely move for BAE Systems' shipbuilding operations is their merger with other British shipyards to form a "Newco" shipbuilding company.

On 4 June 2004, BAE Systems outbid General Dynamics for Alvis Vickers. What had seemed a certain win for the US company was stopped by BAE Systems' surprise move. It has been seen as an attempt to keep such a strong competitor "at bay" in BAE Systems' "backyard." On 7th March 2005 BAE Systems announced the $4.192 billion (£2.25 billion) acquisition of the USA defence company United Defense Industries (UDI). UDI, a major competitor to General Dynamics, is primarily a land systems manufacturer, boosting BAE Systems' involvement in this sector and its sales in the important North American market. UDI manufactures combat vehicles, artillery systems, naval guns, missile launchers and precision guided munitions.

In December 2005, BAE announced the sale of its German naval systems subsidiary, Atlas Elektronik, to ThyssenKrupp and EADS. The sale was complicated by the requirement of the German government to approve any sale as acceptable. The Financial Times described the sale as "cut price" due to the fact that French company Thales bid €300 million, but was blocked from purchasing Atlas on national security grounds. [7] On 31st January 2006 BAE announced the sale of BAE Systems Aerostructures to Spirit AeroSystems, Inc. BAE said as early as 2002 that it wished to dispose of what it did not regard as a "core business". [8]

Eurosystems

In July 2003 BAE Systems and Finmeccanica announced their intention to set up three joint venture companies collectively to be known as Eurosystems. These companies would have pooled the avionics, C4ISR and communications businesses of the two companies. The difficulties of integrating the companies in this way lead to a re-evaluation of the proposal, BAE's 2004 Annual Report states that "recognising the complexity of the earlier proposed Eurosystems transaction with Finmeccanica we have moved to a simpler model."

This revised agreement ("the Eurosystems Transaction") was signed on 27th January 2005. BAE and Finmeccanica announced the intention to dissolve their partnership in the AMS joint venture with AMS' UK and Italian operations to be taken over by the respective partners.

On 3rd May 2005 the Eurosystems Transaction was finalised with:

  • the UK operations of AMS (minus air traffic control and communication systems) being brought together with the C4ISR division of BAE Systems (minus communication systems) to form the new Integrated System Technologies (Insyte) division of BAE Systems.
  • the communications systems portions of AMS and BAE Systems being sold to Selenia Communications, a division of Finmeccanica
  • the majority of BAE Systems Avionics and the whole of the avionics portion of Finmeccanica being brought together to form the new SELEX Sensors and Airborne Systems joint venture held by shares of 25% and 75% respectively, with the option for Finmeccanica to later purchase the remaining 25%.

Airbus shareholding

File:Airbus.a320family.750pix.jpg
The Airbus A320 family, the wings of which are manufactured by Airbus UK.

BAE Systems inherited British Aerospace's share of Airbus Industrie, which consisted of two factories at Broughton and Filton. These facilities manufactured wings for the Airbus family of aircraft. In 2001 Airbus was incorporated as Airbus S.A.S., a joint stock company. In return for a 20% share in the new company BAE Systems transferred ownership of its Airbus plants (now known as Airbus UK) to the new company.

Like reports of further possible North American mergers and acquisitions, BAE has long been the subject of press reports regarding the future of its 20% share of Airbus SAS.

In a prospective look at aviation in 2006 The World in 2006, an annual publication by The Economist, predicted that BAE Systems was almost certain to sell its Airbus share in 2006 in order to fund another major U.S. acquisition (L-3 Communications is named as an "obvious candidate"). EADS has first refusal on the share and is the most likely to purchase it but the magazine states that the two partners discussed a sale in the summer of 2005 and were unable to agree a price. [9]

In March 2006 reports in the UK media intensified about the possibility of a sale, with BAE's 20% "conservatively valued" at €3.5 billion EUR (£2.4 bn GBP or $4.17 bn USD). Despite denials by the company the BBC reported on 6th April 2006 that BAE was indeed to sell its stake, likely to partner EADS. [10] The move was seen by many analysts as a move to make partnerships with USA firms more feasible, in both financial and political terms. [11]

BAE originally sought to agree a price with EADS through an informal process. However due to the slow pace of negotiations and disagreements over price, BAE exercised its put option which saw investment bank Rothschild appointed to give an independent valuation. Following the announcement in June 2006 that Airbus would delay deliveries of the A380 by up to seven months reports appeared questioning the impact on the value of BAE's share of Airbus. The Independent described a "furious row" between BAE and EADS, with BAE believing the announcement was designed to depress the value of its share. [12] On 2nd July 2006 Rothschild valued BAE's stake at £1.9 billion (€2.75 billion); well below BAE's, analysts' and even EADS' expectations. [13]

Recent events

File:M2Bradley-1.jpg
With BAE's £2.5 billion purchase of United Defense in 2005 BAE added the M2/M3 Bradley family of armoured vehicles to its product line.

On 23rd March 2006 BAE and VT Group announced to the stock exchange that they were considering a joint bid for Babcock International. On 10th May BAE Systems abandoned the plan because "the economics of a deal do not create sufficient value for BAE Systems or the other parties" [14]

On 16th March 2006 the Financial Times reported the possible sale of BAE's 37.5% share of MBDA. The paper reported that EADS is keen to take full control of the joint venture by acquiring the BAE share and Finmeccanica's 25%. [15]

One of BAE's major aims, as highlighted in the 2005 Annual Report, was the granting of increased technology transfer between the UK and the US. The JSF programme became the focus of this effort, with British government ministers such as Lord Drayson, Minister for Defence Procurement, suggesting the UK would withdraw from the project with the transfer of technology that would allow the UK to operate and maintain F-35s independently. On Friday 27th May 2006 President Bush and Prime Minister Tony Blair issued a joint statement which announced "Both governments agree that the UK will have the ability to successfully operate, upgrade, employ, and maintain the Joint Strike Fighter such that the UK retains operational sovereignty over the aircraft." [16]

Products

File:F-35.jpg
BAE Systems is a partner in the F-35 Lightning II programme

BAE Systems either leads or has a major stake in some of the world's most high profile, high technology aerospace, land warfare and maritime projects. BAE Systems' interests in commercial aviation are vested in Airbus SAS and BAE Systems Regional Aircraft. BAE's former Airbus division was transferred to the newly created "Airbus Integrated Company" in 2001 in return for a 20% share of the new company. As Airbus UK, this division manufactures the wings for the entire Airbus family, the A300, A310, A318, A319, A320, A321, A330, A340, A350, A380 (right) and A400M. BAE Systems is currently considering the disposal of this stake. [10]BAE Systems Regional Aircraft no longer produces aircraft, however it continues to lease and support its products, the Avro RJ/BAE 146 family, BAe ATP, Jetstream and BAe 748. BAE plays important roles in miltary aircraft production. The company's Eurofighter Typhoon, Panavia Tornado and Harrier fighter-bombers are all front line aircraft of the Royal Air Force. BAE is a major partner in the F-35 Lightning II programme. Its Hawk advanced jet trainer aircraft has been widely exported.

BAE Systems Land Systems manfactures the British Army's Challenger II, Warrior Tracked Armoured Vehicle, M777 howitzer, Panther Command and Liaison Vehicle and L85 Assault Rifle. BAE Systems Land and Armaments (formerly United Defense) manufactures the M2/M3 Bradley fighting vehicle family, the United States Navy Advanced Gun System (AGS) and the M109 Paladin.

Major naval projects include the Astute class submarines, the Type 45 air defence destroyer and the future aircraft carrier.

Corporate governance

As of November 2005 the members of the board of directors of BAE Systems are: Sue Birley, Phil Carroll, Ulrich Cartellieri, Chris Geoghegan, Michael Hartnall, Michael Lester, Peter Mason, Steve Mogford, Dick Olver, Roberto Quarta, Mark Ronald, George Rose, Mike Turner, and Peter Weinberg.

In late March 2004 after more than 30 years with the company (and its predecessors), BAE Systems' longstanding Chairman Sir Richard Evans announced his successor. Dick Olver, formerly the deputy chief-executive of BP, succeeded Sir Richard on 1st July 2004. This appointment came at a significant time with stock market confidence still recovering from the shock profit warning of December 2002.

BAE Systems' CEO is Mike Turner, who replaced John Weston in 2002. Weston was forced out in what was a surprise move. It is understood that Turner, like Evans, has a poor working relationship with senior Ministry of Defence officials, (for example with former Defence Secretary Geoff Hoon). Significantly the first meeting between Olver and Hoon was said to have gone well, a MoD official commented "He is a man we can do business with. We think it is good to be taking a fresh look at things." [17]

Reports in 2005 suggested that relations between the Chairman (Olver) and CEO (Turner) are strained. In June 2005 Turner heightened investor concerns of boardroom tensions by crticising Olver's knowledge of the defence industry, "[he] has a low knowledge base and knows nothing about our industry". Turner did suggest however that Olver was on a learning curve, "He'll fully understand it [in 5 years]. This is a business that takes time to understand. It's not just business, it's political." [18]

Financial information

Table 1 BAE Systems five year results (source BAE Systems Annual Report 2005)
Year ended Turnover (£m) Profit/(loss) before tax (£m) Net profit (£m) Earnings per share (p)
31 Dec 2005[i] 15,411 845 555 22.5
31 Dec 2004[i] 13,222 730 3 17.4
31 Dec 2003 15,572 233 8 16.6
31 Dec 2002 12,145 (616) (686)[ii] 17.3
31 Dec 2001 13,138 70 (128) 23.4

[i]: IFRS. 2003, 2002 and 2001 data prepared using UK GAAP procedures.
[ii]: Reflects £750 million charges for problems with Nimrod MRA4 (£500m) and Astute class submarine (£250m) programmes.

Of all the company's activities the most profitable are the Al Yamamah contracts to supply and support the Royal Saudi Air Force. This deal contributes substantially to the company's profits, 42% in 2003. [19]

Merger undertakings

Various undertakings were given by BAE Systems in 2000 to the Department of Trade and Industry which prevented a reference of the merger to the Monopolies and Mergers Commission (now the Competition Commission). [20]Ordinarily merger decisions are taken by the European Commission, however EC Merger Regulation Article 296 allows member states to take any decisions relevant to national security. The EC granted its approval of the non-military aspects in June 1999.

  1. The MES shipyards and Marconi Avionics were to be kept as subsidiaries of the new company, with independent financial accounts. Further these subsidiaries must be available to all potential prime contractors (i.e. including external companies) on equal terms.
  2. BAE Systems must competitively tender sub-contracts, i.e. the new subsidiaries must not automatically receive sub-contracts.
  3. Due to the competition of British Aerospace and MES in various major defence projects, the company was ordered to set up various "firewalls" to prevent interaction between the former MES and BAe teams on those projects. An example of this was the initial stages of the Joint Strike Fighter programme where MES was involved in Boeing's X-32 project and BAe supported Lockheed Martin's X-35 bid.
  4. A compliance officer was appointed by BAE Systems to ensure the new company followed these requirements and procedures. The remit of this job was strictly set out, including the qualifications (length of time with the company etc), access to staff and information, and independence.

In 2006 the Office of Fair Trading announced it had launched a review of the undertakings to determine whether "the undertakings are still appropriate or need to be varied or superseded, or whether BAE Systems can be released from them." This follows BAE questioning the "continued relevance of a number of the undertakings" given the changes in the defence industry since 2000. [21]

Criticisms

Like many arms manufacturers BAE has recived criticism from various human rights and anti-arms trade organisations due to the human rights records of governments it has sold equipment to. These include Indonesia, Saudi Arabia and Zimbabwe.

BAE (and British Aerospace previously) has long been the subject of allegations of bribery in relation to its business in Saudi Arabia (through the Al Yamamah contracts). An earlier contract, the BAC sale of arms in the 1970s including Lightning fighters, involved "commission" payments of £100 million. [22]The company has been accused of maintaining a £60m Saudi slush fund and is the subject of an investigation by the Serious Fraud Office. The UK National Audit Office investigated the contracts and has so far not published its conclusions - the only NAO report ever to be withheld. In July 2006 The Guardian reported that the Comptroller and Auditor General (head of the NAO) had refused requests by the Ministry of Defence police and the Serious Fraud Office to see the report. In response to the reports the Ministry of Defence stated "The report remains sensitive. Disclosure would harm both international relations and the UK's commercial interests." [22]

The Guardian alleged in September 2005 that banking records show that BAE paid £1m to Augusto Pinochet, the former Chilean dictator. [23]The Guardian has also reported that "clandestine arms deals" have been under investigation in Chile and the UK since 2003 and that British Aeropsace and BAE made a number of payments to Pinochet advisers. [24]

BAE has been crticised for its role in disposing of surplus Royal Navy warships. HMS Sheffield was sold to the Chilean Navy in 2003 for £27 million, however the government's profit from the sale was £3 million after contracts worth £24 million were placed with BAE for upgrade and refurbishment of the ship. BAE is alleged to have paid "secret offshore commissions" of over £7 million to secure the sale of HMS London and HMS Coventry to the Romanian Navy. BAE received a £116 million contract for the refurbishment of the ships. [25]

Organisation

Joint ventures etc.

BAE owns 20% of Airbus S.A.S. whose interests in the UK are the former BAE Airbus factories (now known as Airbus UK). BAE's shares in Panavia Aircraft GmbH (37.5%) and Eurofighter Jagdflugzeug GmbH (33%) represents its involvement in the Panavia Tornado and Eurofighter Typhoon projects. BAE is involved in production of the export version of the Saab Gripen and was also involved in marketing of the aircraft. BAE inherited a 35% share in Saab AB from British Aeropspace. This was reduced to 20.5% in January 2005.

In 2001 BAE's missile businesses were merged into MBDA in 2001 giving BAE a 37.5% share. Other shareholdings include 25% of SELEX Sensors and Airborne Systems and a 50% share of Fleet Support Limited (a joint venture with VT Group plc).

References

  1. ^ "BAE Systems 2005 Annual Report" (PDF). BAE Systems. Retrieved 2006-03-13. {{cite web}}: Cite has empty unknown parameters: |accessyear=, |month=, |accessmonthday=, and |coauthors= (help)
  2. ^ "Defense News Top 100". www.DefenseNews.com. Retrieved 2006-05-30. {{cite web}}: Cite has empty unknown parameters: |accessyear=, |month=, |accessmonthday=, and |coauthors= (help)
  3. ^ "GEC confirms BAe merger talks". BBC News. 1998-01-18. Retrieved 2005-12-08. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  4. ^ "BAe and Thompson-CSF SA: A report on the proposed merger" (PDF). Competition Commission. 1991-02-06. Retrieved 2005-12-08. {{cite web}}: Cite has empty unknown parameters: |accessyear=, |month=, |accessmonthday=, and |coauthors= (help)
  5. ^ "BAE shares boosted by merger talk". BBC News. 2003-06-09. Retrieved 2005-12-08. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  6. ^ "BAE shares rise after sales talk". BBC News. 2004-04-26. Retrieved 2005-12-08. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  7. ^ "BAE forced into cut-price sale". Financial Times. Retrieved 2006-01-03. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  8. ^ "Fears for future of BAE plant". BBC News. 2002-10-14. Retrieved 2006-01-31. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  9. ^ Carson, Iain (2005). ""Beware the boom: Aerospace orders will come down to earth"". The World in 2006. David Gill. pp. 130–132. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  10. ^ a b "BAE confirms possible Airbus sale". BBC News. 2006-04-07. Retrieved 2006-08-12. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  11. ^ Michaels, D. ""BAE in Talks With EADS to Sell its 20% Airbus Stake; British Firm is Focusing Increasingly on Defense Market, Especially in U.S"". The Wall Street Journal. {{cite news}}: |access-date= requires |url= (help); Cite has empty unknown parameter: |coauthors= (help)
  12. ^ Harrison, Michael (2006-06-15). "BAE launches attack on EADS over Airbus superjumbo warning". The Independent. Retrieved 2006-06-15. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  13. ^ Gow, David (2006-07-03). "BAE under pressure to hold Airbus stake". The Guardian. Retrieved 2006-07-03. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  14. ^ Muspratt, Caroline (2006-05-10). "BAE and VT pull out of Babcock bid". www.telegraph.co.uk. Retrieved 2006-05-14. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  15. ^ ""MBDA prepares for consolidation"". Financial Times. Retrieved 2006-03-18. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  16. ^ "Bush gives way over stealth fighter". Financial Times. p. 2006-05-26. {{cite news}}: |access-date= requires |url= (help); Cite has empty unknown parameter: |coauthors= (help); More than one of |pages= and |page= specified (help)
  17. ^ Morgan, Oliver (2005-07-04). "BAE's Olver demands 'root and branch' change". The Guardian. Retrieved 2005-12-08. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  18. ^ Hope, Christopher (2005-06-14). "BAE chief admits clashing with chairman over Europe". Daily Telegraph. Retrieved 2005-12-05. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  19. ^ "Negative ratings watch for BAE". Financial Times. 2004-11-19. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  20. ^ "Undertakings given to the Secretary of State for Trade and Industry by British Aerospace plc" (PDF). BAE Systems. Retrieved 2005-12-08. {{cite web}}: Cite has empty unknown parameters: |accessyear=, |month=, |accessmonthday=, and |coauthors= (help)
  21. ^ "OFT to review BAE Systems undertakings" (Press release). Office of Fair Trading. 2006-02-09.
  22. ^ a b David Leigh and Rob Evans (2006-07-25). "Parliamentary auditor hampers police inquiry into arms deal". The Guardian. Retrieved 2006-08-12. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  23. ^ "Revealed: BAE's secret £1m to Pinochet." The Guardian. December 8, 2005.
  24. ^ Franklin, Jonathan (2006-07-12). "Pinochet and son deny selling cocaine to Europe and US". The Guardian. Retrieved 2006-08-14. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  25. ^ Leigh, David (2006-07-15). "Bribery inquiry may force £7m refund to Romania". The Guardian. Retrieved 2006-08-14. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)

See also

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