Airbus, Safran join forces against SpaceX

|About: Airbus Group SE (EADSF)|By:, SA News Editor

Airbus (EADSF) and Safran (SAFRF) are looking to come together in a joint venture to compete against low-cost U.S. rival SpaceX. The partnership will integrate Airbus Defense & Space with Safran's Herakles space propulsion unit.

The heads of each company are meeting with French President Francois Hollande early today, and are expected to talk about the countries space program in response to increased pressure from industrial groups to changeover Europe's rocket building public-private system.

SpaceX has recently unveiled its low cost space taxi, sticking another thorn in the sides of the two European giants.