BAE Systems Plc, one of Europe's largest defense and aviation groups, Monday said it has entered talks about possibly acquiring TRW Inc., a U.S. defense and automotive business.

        Cleveland-based TRW already is the target of an unsolicited $6.7 billion takeover bid from Northrop Grumman Corp., a Los Angeles-based defense contractor. Northrop agreed last month to delay proceeding with its $53-a-share bid for TRW until Sept. 30 while the companies negotiate a buyout deal.

        BAE Systems said it has been following those developments and believed the situation might offer it an opportunity to extend its defense-related business in North America, where it already is an important supplier of the U.S. military.

        TRW spokesman Jay McCaffrey would not specifically discuss any talks with BAE Systems.

Parker sells off warranty division

        Cleveland-based Parker Hannifin Corp., the largest maker of hydraulic equipment, Monday said it sold its automotive-warranty business to Phoenix American Insurance Group Inc. for an undisclosed price.

        Wynn Warranty was part of Parker's $497 million purchase of Wynn's International Inc. almost two years ago, Parker spokeswoman Lorrie Paul Crum said. The unit, with annual sales of about $100 million, sells warranties to buyers of new and used cars.

        Parker makes hydraulic landing-gear systems and automotive hydraulics and has acquired more than 40 companies since the mid-1990s. Buying Wynn's gave Parker a maker of seals and industrial lubricants for cars, trucks, and planes.

        Phoenix American, based in Miami, provides extended warranties and service contracts for automobile dealers.

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