Finmeccanica confirms to bid $5.2 billion for DRS
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Tue, 13 May 2008 00:10:06 GMT |
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Reuters |
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US (Business) |
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ROME (Reuters) - Italian aerospace company Finmeccanica Spa confirmed it is to make a friendly takeover bid worth $5.2 billion for DRS Technologies Inc of the United States.Finmeccanica said in a statement it will offer $81 per share to acquire 100 percent of the company that supplies products such as radar and surveillance to military forces and intelligence agencies.The Italian company said its offer represented a 32 percent premium on the DRS share price of the last 30 days. It aims to finance the bid through a bank loan to be repaid via a capital increase, a bond issue and asset sale, including a stock market floatation of its Ansaldo Energia unit.(Reporting by Robin Pomeroy)
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