Navigate this market better. Subscribe for FREE stock alerts and information.

Tuesday, January 11, 2011

BAE to keep Platform Solutions unit, (BAES), (NYSE: JPM), (NYSE: WFC)

BAE Systems Plc (BAES.L) will cancel the planned sale of its Platform Solutions unit and keep the division in the company, a source close to the company told Reuters on Tuesday. The British defense contractor, which hired JPMorgan Chase & Co (JPM.N) and Wells Fargo (WFC.N) to sell the business last year, is expected to announce the decision to withdraw the auction later on Tuesday, the source said. Bankers and analysts said the unit, which makes aerospace parts including aircraft engine controls, could fetch $1.5 billion to $2 billion for BAE.