KUWAIT CITY (AFP)--A consortium of United Arab Emirates
companies and a Kuwaiti firm is close to a deal to buy US aircraft
manufacturer and defense contractor Textron Inc (TX), a Kuwaiti
newspaper reported on Thursday.
Al-Watan newspaper, quoting unidentified sources, said the
consortium is offering $21 a share - more than double Textron's
current market price - valuing it at more than $5 billion.
Shares in Textron, an international industrial company with
operations in aircraft, defense and finance including Cessna
aircraft and Bell helicopters, closed on Wednesday at $9.11.
Al-Watan said the UAE consortium is interested in Textron's
civil industries and planned to sell off the defense operations to
a US company. It did not disclose the consortium members.
Textron's operations have been hit by the global financial
crisis but its shares have been climbing on rumors of a takeover,
which have largely centred on US aircraft maker Lockheed Martin
Corp. (LMT).