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Tuesday, January 11, 2011

BAE Systems to keep Platform Solutions unit-source, (BAES), (NYSE: GE)

BAE Systems Plc (BAES.L) has decided to withdraw the sale of its Platform Solutions unit and keep the division within the company, a source close to the company told Reuters on Tuesday. The British defense contractor is expected to announce the decision later on Tuesday, the source said. BAE Systems received three final bids including one from General Electric Co (GE.N) but has determined that improving earnings at the division makes a sale unnecessary at this point, the source said. Representatives for BAE Systems were not immediately available for a comment.