BAE loses US battle and takes £592m hit

BAe Systems suffered another major blow today, saying that it will incur a £592 million writedown after it failed to overturn the Pentagon’s decision to award a trucks and vehicles contract to a US supplier.

BAE had challenged the award of the £2 billion contract to Oshkosh but its appeal was rejected.

The UK company recently agreed to pay £285 million in fines over corruption charges in the United States and Britain.

WP