FRANKFURT (Reuters) -France’s Thales said on Thursday that the work to form a European satellite alliance with Aircraft maker Airbus and Italy’s Leonardo was ongoing, responding to a media report that an agreement in principle had been found.

German newspaper Boersen-Zeitung reported on Thursday that the three aerospace groups had come to an understanding but added that the signing of an outline deal would take place over the next few days, citing unspecified sources familiar with the matter.

The project, dubbed “Bromo”, is designed to help the prospective partners to compete more effectively with Elon Musk’s Starlink.

Airbus was not immediately available for comment. Leonardo declined to comment.

Reuters reported last month that the three groups had redoubled efforts to combine their

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