BAE denies its boss stands to gain £18 million
DEFENCE firm BAE Systems has denied claims that its boss stands to make an estimated £18 million if the multi-billion-pound merger of the firm with EADS goes ahead.
As reported in the Post, two of Bristol's biggest companies are considering a £30 billion merger and talks have been taking place for several months.
The two firms employ around 5,000 people between them in the Bristol area and the merger would make the firm one of the biggest in the aviation industry. Both BAE boss Ian King and EADS boss Tom Enders have publicly backed the merger and have called for governments across Europe to back the move.
Yesterday BAE issued a statement which claimed stories saying Mr King was in line for a massive pay-out were grossly misleading.
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A statement said: "Over a period of 36 years Ian King has accumulated shares, and options over shares, which he has chosen not to cash in, in view of his long commitment to the company.
"The amounts mentioned in the article are wildly speculative and inaccurate. Many of the options that Mr King could have cashed in are not related to the proposed transaction."
The statement added: "The report also states that Ian King's long-term incentives for this year have been increased to 300 per cent of his salary; this is incorrect and there has been no change to his remuneration package."
Details of Mr King's potential payday are still likely to be probed by the House of Commons Defence Select Committee, which is holding an inquiry into the proposed merger.
The deal will require the approval of the British, French and German governments if it is to go ahead.