HIGH, NOT LOW:

Low Airbus valuation blow to BAE (BBC, 7/03/06)

An independent valuation of Airbus has valued BAE Systems' 20% stake in the business at 2.75bn euros (£1.9bn).

BAE had hoped to receive double that amount for its shares before recent disclosures about delays to deliveries of Airbus' A380 superjumbo jet liner.

BAE said it would consider the verdict and advise shareholders whether to accept a sale at that price.

The low valuation is a new setback for Airbus, coming the same day the bosses of EADS and Airbus both resigned.