BAE, EADS bid to break through merger clouds

BAE and EADS kick off a crunch week today in a show of unity as the aerospace and defence giants issue a joint declaration of the merits of their £30bn merger.

In an article sent to newspapers in the UK, France and Germany ahead of next Wednesday's deadline to agree the terms of the deal, Tom Enders and Ian King, the heads of EADS and BAE respectively, said it was "important to correct some myths and misconceptions".

"This is a combination borne out of opportunity, not necessity. BAE Systems and EADS are both strong businesses with clearly defined strategies that have enabled them to make progress in the last five years, and which would take them forward as independent companies. But there comes a time when it is right to seize the moment and to create something that is even stronger and better.... That time is now."