FRANKFURT (Reuters) -France's Thales said on Thursday that the work to form a European satellite alliance with Aircraft maker Airbus and Italy's Leonardo was ongoing, responding to a media report that
Thales Confirms Ongoing Talks for Satellite Alliance with Airbus and Leonardo
FRANKFURT (Reuters) -France's Thales said on Thursday that the work to form a European satellite alliance with Aircraft maker Airbus and Italy's Leonardo was ongoing, responding to a media report that an agreement in principle had been found.
German newspaper Boersen-Zeitung reported on Thursday that the three aerospace groups had come to an understanding but added that the signing of an outline deal would take place over the next few days, citing unspecified sources familiar with the matter.
The project, dubbed "Bromo", is designed to help the prospective partners to compete more effectively with Elon Musk's Starlink.
Airbus was not immediately available for comment. Leonardo declined to comment.
Reuters reported last month that the three groups had redoubled efforts to combine their satellite businesses into a 10 billion-euro ($11.7 billion), French-headquartered joint venture and are working towards hammering out an initial agreement in coming weeks.
Airbus Defence and Space CEO Michael Schoellhorn has since said the project was on track but several issues had yet to be clarified.
(Reporting by Ludwig Burger, Tim Hepher and Giulia Segreti. Editing by Jane Merriman)
