U.K. Defence Minister George Younger said he had accepted an offer from British Aerospace Plc &lt;BAEL.L> to buy state-owned armaments manufacturer &lt;Royal Ordnance> for 190 mln stg. The British Aerospace bid had been competing against a rival offer from engineering group GKN Plc &lt;GKN.L>. Younger told Parliament the sale was conditional on consideration by the Office of Fair Trading. He said its recommendation should be available next week and subject to approval by the Secretary of State for Trade and Industry should be completed before Easter. The decision marks the end of a period of uncertainty about ownership of the company Younger said. But equally important it opens up the full range of opportunities for development and growth of business which are only really available under good private sector management he said.
U.K. TO SELL ROYAL ORDNANCE TO BRITISH AEROSPACE