Newswire

BAE places bid for TRW defence assets-source

LONDON, June 25 (Reuters) - Britain's BAE Systems Plc has submitted an offer for the defence assets of TRW Inc , the U.S. defence and auto parts group facing at least one other bid, a source familiar with the matter said on Tuesday.

The source declined to say how much BAE would be willing to pay. The British defence contractor said two weeks ago it may join the race for TRW's assets as it seeks to cash in on rising U.S. defence spending, particularly since September 11.

BAE joins U.S. group Northrop Grumman Corp in circling TRW. Northrop made a $6.7 billion hostile bid earlier this year. The Wall Street Journal reported on Tuesday that General Dynamics Corp and Raytheon Co had also entered the auction.