Le negotiations for the creation of the new European satellite giant between Airbus, Thales and Leonardo they ran aground at the last mile. The operation, which should have given birth to a continental champion capable of challenge SpaceX of Elon Musk and Chinese rivals, is stalled after Thales and Leonardo have asked for more time to learn more about the terms of the agreement.
The French newspaper revealed it La Tribune , according to which the boards of directors of the three giants had met at the weekend to sign a Memorandum of Understanding (MoU) intended to sanction the birth of the project, known as code name “Bromo”. But at the last moment the green light was skippedThales and Leonardo put on hold, while Airbus was ready to sign.
A 10 billion alliance that gets complicated
The plan includes the merger of the space activities of the three groups, Airbus Space Systems and Airbus Intelligence, Thales Alenia Space and Telespazio, in a single company, valued at around 10 billion eurosThe new entity, presumably held in equal shares, would become Europe's leading satellite manufacturer, with an aggregate turnover of approximately 6-6,5 billion, capable of competing on the global market dominated by the United States and China.
But tensions are concentrated on one crux: the industrial work distribution and decision-making weight that each country—France, Italy, and Germany—would exercise over the governance of the future company. A delicate balance, closely reminiscent of the endless negotiations that led to the creation of MBDA, the European missile consortium of Airbus, Leonardo, and BAE Systems, in 2001.
Airbus pushes, Leonardo and Thales stall
Secondo Reuters, the talks "are continuing but will take a few more weeks." A source quoted by the agency speaks of "key details still to be defined“, while the three boards of directors work to “reach a unified position”.
Airbus, through a spokesperson, confirmed that "discussions are ongoing and confidential," while Leonardo and Thales declined to comment. The reality is that Rome and Paris are moving with cautionThe Elysée has already given the political green light to the operation, but Leonardo aims to reduce the amount of money it will have to pay to obtain an equal stake in the new entity.
The European strategy and the pressure from SpaceX
Behind the diplomatic screens, there is the awareness that Europe risks being left behind. The rise of Starlink, Musk's low-cost satellite constellation, has revolutionized the space market, shifting competition to efficiency and volume rather than high-end technology. The goal of "Bromo" is precisely that. regain scale, reduce duplication, and accelerate innovation in a strategic sector also for defense and telecommunications.
As with other consolidation attempts in the past, national rivalries and antitrust issues remain the most difficult thorns to overcome. But unlike in the past, the pressure is greater today: either Europe unites, or it will be pushed out.
And Leonardo slips on the stock market
The negotiations have stalled hear immediately at Piazza Affari title Leonardo The stock opened sharply lower today, dropping 2%, before paring its losses slightly (now down 0,91%). The market, which had been betting on the imminent signing of the agreement in recent weeks, now fears further delays or a downward renegotiation.
Despite the uncertainty, analysts continue to see the project as a potential “game changer” for the European space industry. If the stalemate is overcome, the nascent giant could become a symbol of European industrial autonomy in space. At the moment, However, the countdown has stopped.
