Complex sentence: The American company General Dynamics and British company Vickers offered the M1 Abrams and Valiant, respectively; the Spanish government rejected their offers in the following year due to the low likelihood of local production and export of the tank.
Split into simpler sentences: The American company General Dynamics and British company Vickers offered the M1 Abrams and Valiant, respectively. The Spanish government however rejected their offers in the the following year due to the low likelihood of local production and export of the tank.