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Finmeccanica, DCNS, Thales may tie up torpedo, sonar assets.

MANews-(C)2009-2010

Italian aerospace and defence group Finmeccanica (BIT:FNC) and French defence groups DCNS and Thales (EPA:HO) are discussing a combination of their torpedo and sonar operations, Italian daily Il Sole 24 Ore wrote on Tuesday.

According to the daily, the parties would combine the assets in two separate companies, one to include the torpedo businesses which would be 51% controlled by Finmeccanica with DCNS and Thales owning the remaining stake, and the second entity to include the sonar operations with Thales holding 51% and Finmeccanica the rest.

The torpedo company is seen generating EUR300m (USD388.5m) in annual revenues, while the sonar company is expected to have annual revenues of EUR200m, the daily said.

Finmeccanica refused to comment on the report when contacted by Agence France Press.

Thales has 25% of DCNS, while the French government owns the other 75%, AFP said.

Country: ; France; Italy

Sector: Aerospace/Defence

Target: Finmeccanica, DCNS, Thales torpedo, sonar assets

Type: Merger

Status: Talks

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Publication:M & A Navigator
Date:Jul 20, 2010
Words:163
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