BAE: 'Obviously disappointed' with merger collapse

Ian King, Chief Executive of BAE Systems, said he was "obviously disappointed" but insisted the business remained robust. He said:

We are obviously disappointed that we were unable to reach an acceptable agreement with our various government stakeholders.

We believe the merger presented a unique opportunity for BAE Systems and EADS to combine two world class and complementary businesses to create a world leading aerospace, defence and security group.

However, our business remains strong and financially robust....We remain committed to delivering total shareholder value and look to the future with confidence.

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BAE merger deal called off

Major defence firms BAE and EADS are blaming politicians for the collapse of their £25bn merger deal.