Finmeccanica To Sell Avio Assets

12:00 AM, June 1, 2012
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Italian conglomerate Finmeccanica plans to sell 14% stake in the propulsion firm Avio to a state-controlled fund. Finmeccanica plans on selling assets worth 1 billion euros (US$1.24 billion) this year to help pay off the debt acquired by the company. The Italian Strategic Fund, controlled by state fund the Cassa Depositi e Prestitim, will benefit from the sale of Avio stakes and will also take part in the initial public offering for Avio and will build its stake in the firm to 15 percent. In 2006, U.K fund Cinven took over control of Avio in a deal valued at 2.6 billion euros. Formerly owned by Italy’s fiat, Avio reported 11.5 million euros in profit last year with turnover up 15.6 percent to 2 billion euros

Finmeccanica To Sell Avio Assets

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