Reuters ahead on BAE Systems calling off sale of its $1.5 bln-$2 bln unit

Reuters was first to report on Jan 11 that BAE Systems has decided to cancel the sale of its North American commercial aerospace unit, which would have fetched $1.5 billion to $2 billion for the British defense contractor. Reuters reported that BAE received three final bids, including one from General Electric Co, but determined that a sale was not in the best interests of its shareholders. BAE issued a statement confirming the decision 70 minutes later, when the Wall Street Journal, New York Times Dealbook and Bloomberg then put out their stories. They credited Reuters for exclusive details including the identity of the three final bidders, and how bidders were not willing to meet BAEs asking price for the unit. Shares of BAE Systems turned lower after the Reuters story and fell 2 percent immediately after the companys statement.