Avio Spazio: Finmeccanica to choose between EADS and Thales as partner
Finmeccanica, the listed Italian defence group, will choose either EADS or Thales as a partner to to bid for Avio's space division, Avio Spazio, Italian language daily La Repubblica reported. The unsourced report said that Finmeccanica has told both EADS and Thales that it wants to hold 51% of Avio Spazio after any transaction.
The report said that the condition could be a deal breaker for EADS. The item added that a deal with Thales could fall through if the French defence group insists on taking over Ansaldo STS, the railway signaling manufacturer controlled by Finmeccanica in exchange for letting Finmeccanica have a majority stake in Avio Spazio.
The report noted Cinven, the private equity firm, is seeking to sell its 81% stake. The report said Finmeccanica already holds 14.3% of Avio Spazio.
The report claimed that the Cinven stake is valued at EUR 90m
The report noted Avio Spazio had a turnover of EUR 285m in 2012.