Ansaldo Breda suitor Insigma looking for new partners in China to make bid
Insigma, the Chinese technology company, is looking for private partners in China to make a bid for Finmeccanica’s assets Ansaldo Breda.
This was reported by Italian-language daily Il Sole 24 Ore, quoting unnamed sources.
Insigma is unable to present a standalone offer before the deadline of 17 November. Therefore, it is seeking partners to make a combined offer if it will be allowed to after the deadline, the article noted.
Meanwhile, Hitachi the only remaining bidder in the race might ask for an extension to conduct further due diligence. The report said that Finmeccanica will assess the matter with its advisers UBS and Mediobanca.
In particular, Hitachi is looking into Breda’s book order. In addition, Hitachi will have to buy Ansaldo Sts together with Ansaldo Breda as previously reported.
Finmeccanica’s stake in Ansaldo Sts would cost EUR 600m and the potential buyer would have to launch a public offer since the company is listed. The report quoted financial sources as saying that the EUR 600m also includes the debts of both Sts and Breda.
Source Il Sole 24 Ore