Shares in Eutelsat have slumped nearly 17% after the French satellite company confirmed it was in merger talks with OneWeb, a British rival part-owned by the UK government.
Eutelsat said it was in discussions with OneWeb, which provides broadband coverage from space, to create a business that would be 50/50 owned by shareholders in both companies. The British government owns nearly 20% of OneWeb, while French and Chinese state-owned entities hold stakes of 20% and 5% respectively in Eutelsat.
