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AUSTRALIA'S ADI CALLS OFF SHIPBUILDING MERGER WITH TENIX.
CANBERRA, June 2 Asia Pulse - Defence companies ADI and Tenix have called off the proposed merger of their shipbuilding and repair operations.
The companies said the decision followed detailed talks between the companies and other stakeholders since the proposal was released in February.
This move appears to be a major setback to government plans to restructure the naval shipbuilding sector.
"The parties now believe the merger proposal would not meet the objectives they originally sought," ADI and Tenix said in a statement.
"Tenix and ADI will continue to explore other ways in which they might work together in the future."
ADI, formerly Australian Defence Industries which is now jointly owned by French electronics company Thales and Australian firm Transfield, ...
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Source: HighBeam Research, AUSTRALIA'S ADI CALLS OFF SHIPBUILDING MERGER WITH TENIX.