Finmeccanica and GKN have signed an agreement containing the main terms for the Italian company's €1.51 billion (£1.06 billion) acquisition of GKN's 50% stake in AgustaWestland.
The deal calls for Finmeccanica, 32.4% owned by the Italian government, to sell 6.1% of its 15.1% participation in French-Italian microchip manufacturer ST Microelectronics for €900 million to Italian institutional investors. Both partners will maintain at least 9.5% of the stock.
Finmeccanica president and managing director Pierfrancesco Guarguaglini said the board would complete negotiations for a final agreement with GKN by the end of the year.
Source: Flight International