A lot of the noise in the proposed €38bn merger between BAE Systemsand EADSis that it is all about the defence industry. That is a mistake. The jewel in this combination would be Airbus. Over 40 years it has come from nowhere to rival Boeingin commercial aeroplanes. Airbus accounted for two-thirds of EADS’s first-half 2012 revenues of €25bn, and half of its earnings before interest and tax. It has an order book of €500bn and net cash of €10bn. Why would a business riding an upswing in civilian aircraft wish to merge with an ex-growth defence company?
英国BAE系统公司(BAE Systems)与欧洲宇航防务集团(EADS)拟议的380亿欧元合并案引起了热议，完全是因为它涉及到防务领域。这种观点是错误的。空客(Airbus)才将是合并后企业里最璀璨的宝石。40年来，空客从无到有，发展成为一家在商用飞机领域可与波音(Boeing)匹敌的企业。今年上半年EADS创下250亿欧元收入，空客占到其中的三分之二，对全集团息税前利润的贡献率也达到50%。空客的订单金额为5000亿欧元，净现金为100亿欧元。一家在民用飞机领域蒸蒸日上的企业会是否愿意与一家增长乏力的防务企业合并呢？