Plessey Co. rejected as “outrageous” a revised...
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Plessey Co. rejected as “outrageous” a revised proposal by Britain’s General Electric Co. and West Germany’s Siemens AG aimed at obtaining British government approval for a joint bid for Plessey. GEC and Siemens announced new proposals for dividing up various Plessey businesses should their takeover bid for the electronics and defense contractor succeed. The revised plan, submitted to the Monopolies and Mergers Commission, which is investigating the $2.96-billion bid for Plessey, was an attempt to calm British government concerns about maintaining competition in the electronics industry.
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