P504    Teletext   504 May31 20:47:51
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 BAe LAUNCHES NEW VSEL BID              
                                        
 BAe has renewed the bidding war for    
 submarine builder VSEL with an offer   
 valuing the company at £678m.          
                                        
 Its new offer for the Barrow-based     
 Trident submarine maker comes just over
 a week after Michael Heseltine said    
 BAe and GEC were free to renew bids.   
                                        
 VSEL later advised shareholders to take
 no action because of the possibility of
 a rival bid being made by GEC.         
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