John Bowker
Senior City Correspondent
BAE Systems has played down the prospect of a single company to run the UK's shipyards, highlighting the role of the Treasury and the large number of interested parties as potential obstacles to the deal.
The defence giant had been in talks with the government and fellow operators to create a combined firm, designed to iron out the infamous "peaks and troughs" of the industry and protect jobs. The group owns the Govan and Scotsoun yards on the Clyde
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