1988 GEC and Siemens AG set up a jointly held company, GEC Siemens plc, to launch a hostile takeover of Plessey. GEC Siemens' initial offer was made on 23 December 1988 valuing Plessey at £1.7 billion. Plessey rejected the offer and it was referred to the MMC. The original proposal envisaged joint ownership of all of Plessey's defence businesses, with GPT and Plessey's North American businesses split in the ratios 60:40 and 51:49 respectively. The level of GEC's involvement in the Plessey defence businesses was not likely to meet with regulatory approval.
1989 After reference to the MMC, in February GEC Siemens announced a new bid. The takeover was completed in September 1989. GEC expected to acquire about 40 percent of the Plessey businesses (by value)
1996 GEC and Siemens AG agreed to form a JV to address the private network communication systems market; the new venture would takeover GPT's private network equipment, leaving GPT to concentrate on public networks
1997 The name GPT disappeared from the market place on the formation of the new unit which was called SGCS (Siemens GEC Communication Systems); it was a JV of GEC and Siemens AG combining GPT Communication Systems with Siemens Business Communication Systems
1998 August: GEC acquired Siemens' 40 percent stake in the remainer of GPT and merged it with the telecoms units of its Italian subsidiary Marconi SpA, GEC Hong Kong and ATC South Africa to form Marconi Communications.
Sources of Information
- The Times Saturday, Aug. 5, 1989
- The Times June 28, 1996
- The Times Thursday, Feb. 20, 1997
- The Times Mar. 4, 1997