Bloomberg Reports Textron Eyed by UAE Group

An article from Bloomberg Business News cites a Middle East newspaper report that Textron could be sold to a group of investors from the United Arab Emirates. Skeptics say the deal will never pass U.S. government scrutiny based on the many sensitive defense holdings of Textron, including the military division of Bell Helicopters. According to the Al-Watan, a Kuwaiti newspaper, the group would sell the defense holdings and retain the civilian business units, which would include Cessna Aircraft. According to the news report, the UAE group planned to offer $21 a share. The news late last week sent Textron stock climbing 53 percent to $13.92 from less than $10. Textron stock over the past 52 weeks topped at $65.52 on May 30. The tumble has been largely attributed to the vulnerability of Textron's financial unit. Both Cessna and Bell have been mentioned as desirable prospects for sale to generate needed cash for the Rhode Island-headquartered parent company.