Negotiations between the Ministry of Defence and Thales and Safran industry saw the standoff, reports the Tribune published on Friday. The discussions were intended to streamline the activities of inertial navigation and optronics the two groups failed last May, to the chagrin of Hervé Morin. The time for talking would be gone for the minister, who is now past actions by deciding to freeze the state contracts with two companies.
All contracts would therefore be blocked, except for rush orders, notably for French soldiers engaged in overseas operations. The amount of contracts outstanding for the year 2010 amounts to 300 million euros, according to a source close to the case examined by the Tribune.
Concern Thales
Thales is undoubtedly the most affected by the punishment of the Department.In addition, the group currently has to face the distrust of rating agencies dissatisfied savings plan of 1.3 billion euros that the industry announced last December, Moody's downgraded, earlier this week, the debt rating of the group's long term by one notch to A2.
The anxiety is palpable within the group: "We are heading for disaster," confides a source in The Tribune. The business daily estimated 135 contracts between the ministry and Thales could be frozen.
Safran, less dependent on state orders, is more serene. Its leader has displayed his optimism for the year 2010-2011, and reiterated his desire to remain independent, denying recent rumors of a merger with Zodiac.
- Basel depresses Credit Agricole
- Beijing rating agencies, the mistrust of U.S. debt
- Wall Street ends week on a positive note
- The state is tightening its grip on its business
- The impact of an incalculable loss "AAA" American