BAE Systems said yesterday it is ordering an independent audit of Airbus, a move that likely will delay EADS' planned buyout of BAE's 20% stake in the aircraft manufacturer.The latest blow to EADS, which owns 80% of Airbus, comes as the company is attempting to regain its footing following a tumultuous three weeks that saw A380 deliveries delayed for a second time (ATWOnline, June 14), its stock plunge 26% in one day of trading (ATWOnline, June 19) and the resignations of Co-CEO Noel Forgeard and Airbus CEO Gustav Humbert (ATWOnline, July 3).

The European aerospace and defense giant plans to purchase the Airbus stake controlled by BAE and more closely integrate its operations with those of the Toulouse-based airframe builder. But the buyout was complicated yesterday when the UK company said it wants Airbus audited following a lower-than-expected valuation of the BAE stake by investment bank Rothschild, which said the 20% holding was worth ?2.75 billion ($3.5 billion). That was below previous analyst estimates putting the value at ?4-?5 billion.

The audit likely will push back EADS' buyout until after the summer. Additionally, Spain reportedly is considering upping its 5.5% stake in EADS to 10%.

The maneuvering comes as French stock market regulator AMF investigates possible impropriety by EADS executives regarding the timing of public disclosures of A380 delays and as incoming EADS Co-CEO Louis Gallois and new Airbus CEO Christian Streiff take control with a redesign of the A350 expected to be announced within the next two weeks.

Meanwhile, The Times of London reported yesterday that Airbus is set to announce a major gap between its aircraft orders and Boeing's through the first six months of 2006, with Boeing holding a nearly 3:1 edge (445 firm orders to 145-150). Airbus has outsold Boeing in the commercial aircraft market for the past five years.

Airbus COO John Leahy recently told reporters that the company's record 2005, which included 1,055 firm orders, is not likely to be repeated. "Most of us will be long retired before we ever see another year like that again," he said at the company's annual technical press briefing last month. He added that Airbus will safely stay within the 40%-60% market range this year but conceded it may not achieve the 50%-plus share it has enjoyed throughout this decade.