Sunday 19 April 2009

UAE co's rumoured Textron-buy plans worries Israel

The rumoured buyout of Textron, the world's largest maker of business jets by a UAE-Kuwaiti conglomerate has caused concerns in Israel.

A few days back, the Kuwaiti Al Watan newspaper had said in an unsourced report that a UAE-led consortium is interested in Textron's civil industries and planned to sell off the defence operations to a US company. However, the newspaper did not disclose the consortium members.

Textron's operations have been hit by the global financial crisis but its shares have been climbing on rumours of a takeover, which have largely centred on US aircraft maker Lockheed Martin.

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