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Investing.com -- The European Union (EU) gave its approval on Monday to a joint venture between BAE Systems (LON:BAES) (Holdings) Limited, Japan Aircraft Industrial Enhancement Co Ltd, and Leonardo S.p.A. The venture is set to lead the Global Combat Air Programme as the prime contractor and lead systems integrator.
The collaboration will focus on developing a sixth-generation combat aircraft. The governments of Italy, the United Kingdom (TADAWUL:4280), and Japan will be the main users of this aircraft, with the potential for sales to other jurisdictions or government buyers in the future, according to the European Commission.
The joint venture will be equally divided among the three companies, each holding a 33.3% share. The new company will have its headquarters in Britain, and the first CEO will be from Italy.
Meanwhile, France, Germany, and Spain are separately working on their own next-generation fighter project. This has raised concerns among some industry observers who question whether Europe can sustain two long-term programmes.
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