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Mon, Jul. 21, 10:41 AM| 11 Comments
Mon, Jun. 30, 11:55 AM
- Saab (SAABF) agrees to acquire ThyssenKrupp's (TYEKY, TYEKF) Swedish marine defense unit for 340M kroner ($50.5M), expanding its business to manufacturing submarines and stealth technology corvettes.
- Saab and ThyssenKrupp have been in talks since April over the purchase, after the Swedish government said it wanted to ensure that it had domestic submarine-production capability.
- Saab hasn't built manned submarines, although it has other naval activities, including production of unmanned underwater vehicles.
Mon, May. 19, 7:46 AM
- Saab (SAABF) shares are -1.5% in Stockholm after 53.4% of Swiss voters rejected an order of 3.1B francs for 22 new Gripen fighter jets made by the Swedish company.
- The development of the Gripen E is dependent on an export order of at least 20 jets. The company is still finalizing a booking of 36 Gripen aircraft with Brazil.
- Also see: Swiss vote against minimum wage
Sun, May. 18, 2:29 AM
- The Swiss are going to the polls today to vote on whether to approve a minimum wage of 22 francs ($25) an hour, which would be the highest in the world.
- The measure would affect the one-in-ten workers who earn below the 4,000 francs that the initiative stipulates.
- Businesses are against the union-backed proposal, saying it would force more people into part-time jobs and increase Switzerland's 3.2% unemployment rate. Polls show 64% of voters are against the initiative.
- Still, major corporations that could be affected include UBS (UBS), Credit Suisse (CS), Roche (RHHBY), Novartis (NVS), ABB (ABB), Glencore Xstrata (GLCNF) and Nestle (NSRGY).
- The referendum is the latest nationwide ballot relating to business. In March last year, voters authorized giving shareholders more say over executive pay but rejected a measure in November to cap management salaries.
- The Swiss are also voting today over whether to spend 3.1B francs on 22 new Saab (SAABF) fighter jets.
- ETFs: FXF, EWL, FSZ
Mon, Apr. 14, 9:11 AM
- Saab (SAABF) says it is in preliminary talks to buy ThyssenKrupp's (TYEKY, TYEKF) Swedish shipyard, underscoring its bid to become a serious player in the submarine and naval ships business.
- Neither company discloses the potential value of the deal, saying negotiations are at an early stage; ThyssenKrupp Marine Systems, formerly known Kockums, had a total revenue of 1.68B Swedish kroner ($256M) in 2013.
- Saab, unaffiliated with the car company with the same name, is best known for building fighter jets and other defense systems.
Mon, Mar. 24, 2:58 PM
- A dispute between the Swedish armed forces and ThyssenKrupp (TYEKY, TYEKF) has prompted the country to pull contracts for the next generation of submarines from the world's largest exporter of non-nuclear submarines and threatens one of the company's most profitable operations.
- Sweden has signaled that it is considering giving the work to Saab (SAABF), which currently doesn't even build manned submarines.
- Swedish officials are said to be upset that their country hasn't exported a new submarine since Swedish submarine maker Kockums was integrated into ThyssenKrupp in 2005, WSJ reports.
Dec. 19, 2013, 4:22 AM
- Boeing (BA) has lost out on a 10-year $4.5B contract to supply 36 fighter jets to Brazil, which has chosen Saab's (SAABF) Gripen over the U.S. plane maker's F-18 Super Hornet.
- Brazilian Defense Minister Celso Amorim said the government chose Saab because it agreed to share more technology and because many of the parts would be made in the country. The Gripen is also cheaper than the F-18 to buy and operate.
- Amorim sidestepped a question over whether the Edward Snowden spying revelations - about which Brazil is furious - were a factor.
Mar. 4, 2013, 5:00 AMCanada has asked Boeing (BA), Lockheed Martin (LMT) and three other companies to provide information about their fighter jets as the country looks to replace its aging fleet of Boeing CF-18 Hornets. The government had said in 2010 that it would buy Lockheed's F-35 planes, but spiraling costs have prompted it to revisit the process. The other contenders are EADS, Saab and Dassault. | 4 Comments
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