BAE Systems’ largest shareholder will today signal its “significant reservations” about the UK defence group’s proposed tie-up with EADS.
Invesco Perpetual, which owns more than 13 per cent of BAE, will outline in a statement its concerns about the structure of the €35bn transaction and its likely impact on shareholder value.
The fund manager has long been a critic of BAE’s acquisition strategy, and has urged the group’s management to return more capital to investors. In correspondence seen by the Financial Times, Neil Woodford, its head of UK equities, last year warned Dick Olver, BAE’s chairman, that the company’s “unacceptable” focus on dealmaking was responsible for the low rating of its shares.
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