BAE Systems has confirmed that plans for a £28 billion merger with French defence company EADS has been scrapped.

The deal would have created a defence collaboration worth £60 billion with 220,000 staff.

BAE have said that the deal broke down after it became apparent that government stakeholders interests could not be reconciled with each other or the company’s objectives.

BAE chief executive Ian King was said to be disappointed and said of the merger: “We believe the merger presented a unique opportunity for BAE Systems and EADS to combine two world class and complementary businesses to create a world-leading aerospace, defence and security group.”

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