Finmeccanica rebuffs Boeing bid approach for Westland
The Italian aerospace group Finmeccanica [BIT: FNC] has rebuffed an informal bid approach for its Westland helicopter manufacturing arm from Chicago, Illinois-based rival Boeing [NYSE: BA] The Sunday Times reported.
The newspaper cited industry sources who said Boeing had approached Finmeccanica on one occasion at least this year regarding Westland, which is based in the UK.
Industry sources said Boeing initially contacted Finmeccanica late this spring, adding that the Italian company rejected the approach outright. The sources added that Boeing’s offer was flexible, and that Boeing would consider acquiring all or part of Westland’s site in Yeovil.
It is not known whether Boeing had also been looking to buy Westland’s Merlin or Wildcat helicopter projects, the report said.
Finmeccanica denied having received any offer, while Boeing refused to comment, the newspaper added.
Background:
An analytical report from this news service on 23 May 2012 estimated a potential value of about EUR 2bn (USD 2.17bn) for Westland, based on multiples of sales to market capitalisation for the company’s listed peers.
Sunday Times, previously reported intelligence