Britain's BAE Systems said today it planned to conduct an audit of Airbus Group to help it decide whether to sell its 20 per cent stake in the European planemaker to its majority owner EADS.
BAE, Europe's biggest defence firm, said it did not expect to complete the audit before the end of August.
BAE said in early April it planned to sell its stake in Airbus in a move which analysts think will raise money for an acquisition in the United States. But its plans have been thrown into doubt by a lower-than-expected independent valuation of the stake by investment bank Rothschild on Sunday.
This put the stake at €2.75 billion , well below analysts' forecasts of as much as €5 billion, and also below the 3.5 billion euro fair value price the stake carries on EADS' consolidated balance sheet.
Shares in both EADS and BAE have been hit since Airbus announced in mid-June that deliveries of its A380 superjumbo would be delayed through 2009. "BAE Systems expects that the audit will assist its board in assessing whether or not to recommend that its shareholders vote in favour of the proposed disposal," BAE said.
"BAE Systems is required to give Airbus two weeks notice of its intention to undertake an audit. The audit is not anticipated to be completed before the end of August 2006." EADS declined to comment. At 0925 GMT, BAE shares were down 1.3 per cent at 350-3/4 pence.
EADS shares in Paris were down 3 per cent at €20.75.