House 仲買人 turns on BAE

By ROBERT LEA
Updated: 00:00 BST, 12 December 2002

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SHARES in BAE Systems went into a tailspin as the beleaguered defence 巨大（な）'s own 仲買人s turned on the company, 説 its 最新の 事故 could cost it £1bn.

BAE 在庫／株 dived 28p or 21% to 103p after last night's shock 警告 of '相当な' cost 侵略（する）／超過（する）s on £5.5bn of 重要な 省 of Defence 契約s.

The 最新の slide means £2bn has been wiped off BAE's market value since Wednesday afternoon. The 株 are now at a nine-year low and have fallen m 鉱石 than 75% in the past six months.

Just eight minutes before the の近くに of last night's 貿易（する）ing, BAE sounded the alarm over the £2.8bn 昇格 of the Nimrod patrol 航空機 and £2.7bn order for the Astute attack 潜水艦, both 契約s with the MoD.

共同の house 仲買人 ABN Amro downgraded the 会社／堅い from 'buy' to 'sell', 説 it had no （疑いを）晴らす 指示，表示する物 of how much the 契約 glitches would cost. '軍隊d to guess,' the 仲買人 said, 'we'd say £500m to £1bn. When 契約s go wrong they sadly tend to go more wrong. 明確に BAE wants the MoD to 選ぶ up much of the tab.' It 恐れるd the 十分な-year （株主への）配当 could be 削減（する） by more than 40%.

The 最新の 後退 heaps 圧力 on BAE and its 長，指導者 (n)役員／(a)執行力のある of いっそう少なく than a year マイク Turner, who is having to firefight on several 前線s.

There is 増加するing 憶測 that BAE could lose the £10bn order for the 王室の 海軍's two new 航空機 運送／保菌者s to its French arch-競争相手 Thales. Although the French （人命などを）奪う，主張する that Thales will use おもに British 労働者s if it 勝利，勝つs the order, BAE has been 警告するd that any such move by the MoD would end BAE's 未来 as a British-based defence company.

Britain's かかわり合い to the Eurofighter/台風 事業／計画（する） is also in 疑問 after the MoD 確認するd it has 延期するd taking 配達／演説／出産 of the 大規模な order by six months.

仲買人s said they were spooked not only by the 可能性のある cost to the company of the 侵略（する）／超過（する）s but by the fact that BAE is creating 現在進行中の 不確定 by only 約束ing an update at its 十分な-year results, 予定 in February. 'Discussions with the MoD are likely to take some months and no 保証／確信s as to the 結果 can be given,' said BAE.

ABN said the 十分な-year （株主への）配当 could be 削減（する） to 5p a 株, from 9p last time. The 暫定的な payout was 3.7p a 株. 'BAE could 持続する the （株主への）配当,' it said. 'But we're not sure that would be 訂正する given the 不確定 in other areas. 最終的に, we believe （株主への）配当 政策 must 反映する the company's 業績／成果. As these 問題／発行するs will do BAE fo r some years, we 推定する／予想する a （株主への）配当 削減（する）.'

Goldman Sachs 予報するd BAE 直面するd an £800m 告発（する），告訴（する）／料金 for the cost 侵略（する）／超過（する）s. The US 投資 bank said it 欠如（する）d 信用／信任 in BAE's 予測（する）s and its 経営者／支配人s' ability to manage the 契約s and cash. 'BAE needs to take 過激な 活動／戦闘 to 信頼できる this bleeding,' it said.

仲買人 Credit Suisse First Boston 削減（する） its price 的 for BAE 株 to 250p from 280p. 'How can we be sure there is no その上の bad news on other 契約s?' it 追加するd.

Defence sources said that while the MoD does not want BAE Systems to get into serious 財政上の problems, the 省 is not 用意が出来ている to stand behind the company when it is racking up cost 侵略（する）／超過（する）s.

In September, Turner shocked 投資家s at his maiden 暫定的な results by 地位，任命するing a larger-than-推定する／予想するd 75% 衝突，墜落 in 利益（をあげる）s 同様に as 警告 of 契約 costs or losses.