Finmeccanica looks to bid with EADS for Avio Spazio
Finmeccanica, the listed Italian defence group, is looking to bid with European defence group EADS, for Avio's space division, Avio Spazio, Italian language daily Il Sole 24 Ore reported. The report cited authoritative industrial sources close to the matter who said talks on an alliance were well advanced. The report said Finmeccanica would look to hold 51% of Avio Spazio after any transaction
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.
Earlier reports claimed any deal value is likely to be in the region of EUR 250m-EUR 300m.
The report noted Avio Spazio had a turnover of EUR 285m in 2012.
Source Il Sole 24 Ore