The three European aerospace giants — Leonardo, Thales, and Airbus — are accelerating plans for a €10 billion joint venture that would merge their satellite activities, aiming for a first agreement by 2025. The head of Airbus’s defense and space division confirmed this in an interview with Corriere della Sera, confirming an earlier Reuters report. "We are on the right track, but prior to taking such a significant step, there are still a number of issues that need to be resolved", stated Michael Schoellhorn, CEO of Airbus Defense and Space. He also noted that such transactions necessitate a two-stage process, which includes a framework agreement and a phase that culminates in the actual closing of the deal. "In this case, I believe the signing (of a first agreement) could take place as early as 2025," he told Corriere. Under "Project Bromo", Leonardo, Thales, and Airbus plan to establish a satellite manufacturing business to compete with Chinese and American rivals, including Elon Musk's Starlink. The company's ownership may be divided into roughly three equal portions.