C'est Non!

The Pentagon nixes the sale of LTV to the French on secrecy grounds

The decision hardly came as a surprise to executives of the French defense contractor Thomson-CSF. For months the U.S. defense community had been debating the wisdom of allowing the company, 60% owned by the French government, to buy Dallas-based LTV Corp.'s missile business. The issue was resolved by the Treasury Department's interagency Committee on Foreign Investment in the United States, which responded on the eve of the Fourth of July with a resounding "Non!" The panel voted to recommend to President Bush this week a rejection of Thomson-CSF's $300 million offer, based on widespread concern that the sale would compromise LTV's...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!