USA: Northrop's TRW bid leaves auto operations' future unclear
Northrop Grumman Corp.'s unsolicited takeover bid for aerospace and automotive group TRW, leaves TRW's automotive operations in a position of considerable uncertainty. Northrop's bid is for the whole of TRW's operation, but is driven by the company's aerospace and defence operations, which offer a strategic fit to Northrop's business. In a letter to TRW proposing the buyout, Northrop said the auto business was "an outstanding operation in its own right," but it didn't fit with either of the companies' businesses.
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