Finmeccanica looks to accelerate Ansaldo Energia divestment
By Luca Peruzzi
Italy's Finmeccanica has begun to accelerate the progress of its divestment of Ansaldo Energia, aiming to select a potential buyer in the first quarter of 2013, sources told IHS Jane's on 9 January.
Through its financial advisors, Imi and Deutsche Bank, Finmeccanica sent a letter to the Italian alliance led by the Cassa Depositi e Prestiti's (CDP's) state investment company Fondo Strategico Italiano (FSI), specifying they have time until 23 January to file a binding offer for a 100% takeover of the energy company.
Finmeccanica rejected the FSI alliance's initial EUR1.25 billion (USD1.63 billion) enterprise value offer in late December, as the latter wanted to acquire Finmeccanica's share in Ansaldo Energy in a staggered approach, initially purchasing a 27% stake, followed by a further 11%, leaving Finmeccanica still involved for a period.
The FSI has a statute which prevents it obtaining a stake greater than 30% in a firm, with the other companies in the alliance less enthusiastic about undertaking such a heavy financial commitment at short notice.168 of 473 words
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