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Finmeccanica in Talks to Buy DRS: WSJ
Topics:Europe | Stock Market | Mergers & Acquisitions
Companies:DRS Technologies, Inc.
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Italian aerospace and defense company Finmeccanica is in advanced talks to buy DRS Technologies, a New Jersey-based defense company, the Wall Street Journal said on Thursday, citing people familiar with the matter.
The Journal gave no details on terms but said the offer could be expected at a significant premium, likely more than 25 percent, to DRS's [DRS
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] closing price.
Finmeccanica declined to comment. The Italian Treasury holds a nearly 34 percent stake in the firm.
DRS Technologies was not available immediately for comment.
Finmeccanica shares closed lower by 2.1 percent.
Copyright 2008 Reuters. Click for restrictions.
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