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News briefs: March 26
Posted: Wed, Mar 27, 2002, 6:45 AM ET (1145 GMT)
- As expected, European transport ministers unanimously approved funding for the Galileo navigation satellite system on Tuesday. The decision freed up 450 million euros (US$395 million) of European Union funding to start the project; ESA had already committed a similar amount late last year. The project will eventually require 3.6 billion euros (US$3.15 billion) of public and private funds to deploy 30 satellites.
- Northrop Grumman and TRW fired another round of salvos in their takeover battle Tuesday. Northrop officials said they would be willing to raise their $47/share offer if TRW shareholders vote to allow Northrop access to proprietary financial information. TRW replied that there was "nothing new" in Northrop's proposal and urged shareholders to deny Northrop access to the information.
- The entertainment news site Ain't It Cool News released information about the proposed ABC TV program "Astronauts" this week. The show's pilot episode will feature a rescue mission to the International Space Station after a Russian propulsion module collides with the station. The site's review of the pilot bills it as "Apollo 13" meets "The West Wing." No word when the pilot will be aired.
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