Italian Finmeccanica to sell its stake in STMicroelectronics
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[December 18, 2009]

Italian Finmeccanica to sell its stake in STMicroelectronics

(M&A Navigator Via Acquire Media NewsEdge) Italian aerospace and defence group Finmeccanica (BIT:FNC) said on Thursday it has agreed to sell its remaining interest in Swiss chip maker STMicroelectronics (EPA:STM) to Italian state-owned investment company Cassa Depositi e Prestiti (CDP).


Finmeccanica will receive EUR172m (USD247.3m) from the sale by the end of the year.

Under the deal, CDP will buy Finmeccanica's 33.8 million shares in STM for EUR5.10 per share plus an earn-out.


Following the completion of the transaction, scheduled on 22 December, CDP will become the sole Italian shareholder in STM and will own 13.77% of the company's share capital.

Country: Switzerland Sector: Electronics Target: STMicroelectronics NV Buyer: Cassa Depositi e Prestiti (CDP) Vendor: Finmeccanica SpA Deal size in USD: 247.3m Type: Divestment Status: Agreed ((Comments on this story may be sent to tww.feedback@m2.com)) (c) 2009 M2 COMMUNICATIONS

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