BUSINESS LIVE: BAE Systems acquires Ball Aerospace for $5.6 billion

A Vietnamese electric car manufacturer that has never turned a profit is valued more than Ford and General Motors.

Shares in VinFast — dubbed “the Tesla of Asia” — were trading at $22 each on the New York Stock Exchange on Tuesday before rising above $37.

That gave the company, which has just 350 electric vehicles (EVs) on the road in North America, a value of £67 billion, surpassing the market caps of both GM and Ford by £36 billion and £38 billion respectively.

Defense giant BAE Systems has agreed to buy US manufacturer Ball Aerospace from Ball Corp in an all-cash deal worth around $5.55bn (£4.4bn).

Charles Woodburn, CEO of BAE Systems, said:

“The proposed acquisition of Ball Aerospace is a unique opportunity to add a high-performance, high-growth, technology-focused business to our core business with significant capabilities, strong performance and well-positioned for sustainable growth.

“It is rare that a company of this quality, size and complementary capabilities, with strong growth prospects and closely aligned with our strategy, becomes available.

“The strategic and financial rationale is compelling as we continue to focus on areas of high priority defense and intelligence spending, strengthening our world-class multi-domain portfolio and enhancing our value multiplier model of revenue growth, margin expansion and high cash generation.

“We couldn’t be more excited about this agreement and look forward to welcoming Ball Aerospace employees to BAE Systems as we work together to support our customers and create shareholder value.”