And it simply can't do that as a diversified electronics giant.

FORBES: Beyond the sunset

This may be why, in some parts of the world, conglomerates are becoming even more diversified: witness Samsung Electronics, which is moving into pharmaceuticals.

ECONOMIST: Breaking up companies is back in fashion

The engineer and grandmother who climbed the ranks of the defense establishment while a single parent was charged with the difficult task of helping BAE make the transition from a supplier of heavy weaponry used in wartime, like the 33-ton Bradley Fighting Vehicle, into a more diversified provider of equipment, electronics and software.

FORBES: As Defense Budgets Shrink, BAE Talks Merger With EADS