The case-study outlines the inherent dangers in international mergers, as well as explaining the acute problems associated with City practices that avoided issues that would bring down Ferranti in spectacular fashion.

1. Ferranti by the mid-1980s2. The rise of ISC3. A step too far? Merger with ISC4. From honeymoon to divorce5. Investigations and court cases6. The rescue strategy7. The ‘New Ferranti International’8. Demise and epilogueAppendix A: The financing of Ferranti, 1890–1993Appendix B: Profitability and return on capital employed at Ferranti, 1892–1993Appendix C: Turnover and Employment at Ferranti, 1890–1993Appendix D: Chairmen and Directors of Ferranti, 1905–93Bibliography

This history of Ferranti during the last six years of its long existence provides a detailed exposition of the merger with an American firm that would bring it to its knees. Although only covering six years, this builds on the previous two volumes of the Ferranti history that has outlined how the firm grew into one of the UK’s leading defence electronics operations. Having survived a major liquidity crisis in 1974–75, Ferranti recovered robustly under new management, only to flounder under the same leadership as a result of a major foray into the American defence electronics industry. The case-study outlines the inherent dangers in international mergers, as well as the acute problems associated with City and corporate governance practices which resulted in decisions that undermined Ferranti fatally.