Finmeccanica acquires remaining 25 pct in Selex from BAE Systems for 400 mln eur |
|
|
|
Published
:
Fri, 30 Mar 2007 15:53
|
MILAN (AFX) - Finmeccanica SpA said it has completed the purchase from BAE Systems PLC of the 25 pct stake it did not already own in Selex Sensors and Airborne Systems, paying 400 mln eur for the stake.In the purchase deal in 2005 with BAE Systems, Finmeccanica has the right to acquire the final 25 pct in Selex S&AS at any moment, while BAE Systems has until May 30, 2007 to sell the stake.'The results up to now of Selex S&AS and its positive prospects for growth, including in the short-term, have persuaded Finmeccanica to acquire control earlier than expected,' the company said.The 400 mln eur payment due for the Selex stake was already included in the 858 mln eur net debt position at end-2006, announced earlier this week, it said.In a statement, Finmeccanica chairman Pier Francesco Guarguaglini said that with total control Selex S&AS will contribute to meeting the group's growth objectives in aerospace, defence and security.In addition, it will help accelerate Finmeccanica's presence in the US market, including in major military programmes, he said.In 2006, Selex S&AS had a profitability in line with the group's average in defence electronics, and sales of 1.750 bln eur, it said.nigel.tutt@thomson.comnt/jlcCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
|
|
|
|
Print this Story
Finmeccanica signs 292 mln eur contract to supply Eurofighter 