Plessey Pulls Out of Talks: Plessey PLC,...

Plessey Pulls Out of Talks: Plessey PLC, the British electronics company, pulled out of talks with rival General Electric PLC over the sale of Plessey’s 50% stake in GPT, the two companies’ joint telecommunications venture. The two companies, engaged in a takeover struggle since last November, seemed close to agreement last week on GE’s purchase of Plessey’s stake for $1.34 billion. However, a Plessey spokesman said the company was withdrawing from the talks, citing “new and materially different proposals” put forward by GE, “which in Plessey’s view would not be in the national interest nor that of Plessey’s shareholders.”