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European aerospace groups unveiled an initial deal on Thursday to pool their loss-making satellite manufacturing activities, combining forces after months of negotiations to counter the runaway growth of rivals led by Elon Musk’s Starlink.
The keenly awaited deal between Airbus, Thales and Leonardo aims to forge a new venture starting from 2027, subject to approval by European regulators who have resisted such moves in the past.
The unnamed new entity will employ 25,000 people across Europe with annual revenues of 6.5 billion euros ($7.58 billion),…
