’Copter shareholders choose Fiat-Sikorsky

Press, 14 February 1986, Page 6

’Copter shareholders choose Fiat-Sikorsky

NZPA-Reuter London

An American-Italian group has come to the rescue of Britain’s only

helicopter company, Westland. Shareholders of Westland voted by a majority of more than 2-1 yesterday to accept a bid by the American helicopter firm, Sikorsky, and Fiat, of Italy, over a rival offer by a four-nation European consortium.

“Nine months is enough of this,” Westland’s chairman, Sir John Cuckney, said after announcing that shareholders had accepted the measure, under which the Ameri-can-Italian group will invest £BO million ($2OB million) in the firm.

“What is all important to us must be order books and market prospects,” he said.

The vote was a blow to the former Defence Secretary, Michael Heseltine, and other advocates of the European proposal.

Mr Heseltine, who resigned last month, said that the American-led bid would make Westland too dependent on American technology. A top official with Sikorsky, part of United Technologies Corporation, said after the vote Westland would still be active in European defence collaboration. “Westland must remain a British company,” said Sikorsky’s vice-president,

Mr Bill Paul. Backers of the European proposal failed in a last-minute attempt to persuade shareholders to adjourn their meeting yesterday after the Stock Exchange announced that six unidentified shareholders had recently bought 20.3 per cent of the equity. These six held the key to the vote and all approved the companybacked Sikorsky-Fiat bid. Sir John said he did not know who they were, but had requested they identify themselves. Westland said on Wednesday that it had obtained a £2O million ($52 million) order from West Germany for five more Lynx helicopters.