Italian aerospace and defense
giant Finmeccanica said Tuesday it has agreed to sell its
controlling stakes in Ansaldo STS and AnsaldoBreda to Japanese
multinational Hitachi.
The operation expected to conclude by year's end should
bring net debt down by 600 million euros, Finmeccanica said in a
statement.
AnsaldoBreda is a rail transport engineering company and
Ansaldo STS designs and manufactures railway signaling systems.
Hitachi plans to purchase Finmeccanica's 40% stake of
Ansaldo STS at 9.65 euros a share or 773 million euros, the
company statement said.
Shares in Finmeccanica rose 4% to trade at 11.4 euros a
share at Tuesday's opening while Ansaldo STS jumped 7% to 9.45
euros a share on the news.
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