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Finmeccanica S.p.A. ADR (FINMY)

- OTCPK - Current
  • Tue, Feb. 24, 10:00 AM
    • Further expanding its transportation business overseas, Hitachi (OTCPK:HTHIY -1.7%) has agreed to pay $1B for two units from Finmeccanica (OTCPK:FINMY -2.7%), which is looking to concentrate on its core aerospace and defense businesses.
    • Hitachi will pay €773M ($876.1M) for Finmeccanica’s 40% stake in rail signaling operator Ansaldo and €36M for its unprofitable train manufacturer AnsaldoBreda.
    • Following the closing of the deal, Hitachi will launch a mandatory tender offer on Ansaldo’s publicly traded shares, potentially boosting its total payout to as much as $2.5B.
    • Previously: Hitachi confirms bid for Finmeccanica train-making, signal assets (Dec. 17 2014)
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  • Mon, Feb. 2, 7:07 AM
    • Airbus (OTCPK:EADSY) is looking to take control of the European missile company MBDA after Finmeccanica (OTCPK:FINMY) puts its stake up for sale, reports the Sunday Times.
    • The European aircraft maker wants to add Finmeccanica's 25% holding in the company, which supplies more than 90 countries with weapons, to its 37.5% stake.
    • The next part of the deal could be complicated, forcing the hand of MBDA’s third shareholder, BAE Systems (OTCPK:BAESY).
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  • Dec. 30, 2014, 7:30 AM
    • Embarking on a $41B program to modernize its armed forces by 2022, Poland has received several bids in a $3B military helicopter tender, and expects to sign a final deal in the second half of 2015.
    • Sikorsky Aircraft (NYSE:UTX), Airbus (OTCPK:EADSY) and AgustaWestland, a unit of Italy's Finmeccanica (OTCPK:FINMY), are among the bidders.
    • Poland is aiming to increase defense spending, currently at 1.95% of its GDP, to NATO's 2% target in 2016.
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  • Dec. 17, 2014, 11:05 AM
    • A Hitachi (OTCPK:HTHIY) exec has confirmed a company bid for Finmeccanica's (OTCPK:FINMY) train-making unit AnsaldoBreda and a 40% stake in its rail signaling company Ansdaldo.
    • Chief Operating Officer Toshiaki Higashihara declined to comment on the bid price, but the Nikkei previously reported that the offer was likely worth around $1.7B.
    • Finmeccanica said on Tuesday it had received an offer from Insigma for AnsaldoBreda.
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  • Sep. 23, 2014, 7:53 AM
    • Finmeccanica's (OTCPK:FINMY) AgustaWestland unit has sued the U.S. Army over its recent plans to purchase 155 helicopters built by Airbus (OTCPK:EADSY).
    • AgustaWestland says that its own helicopters would be cheaper to buy and operate and has asked a U.S. Court of Federal Claims in Washington to issue a temporary restraining order barring the Army from awarding the contract to Airbus.
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  • Sep. 5, 2014, 7:59 AM
    • Canada is likely to choose between two U.S. firms when it buys a new fleet of fighters jets, says Reuters quoting a source.
    • The source related that Lockheed Martin's (NYSE:LMT) F-35 and Boeing's (NYSE:BA) F-18 E/F Super Hornet were deemed more suitable for the tasks the military has laid out.
    • If so, the choice would result in the widely expected elimination of Dassault Aviation's (OTC:DUAVF) Rafale and the Eurofighter Typhoon, jointly made by BAE Systems (OTCPK:BAESY), Finmeccanica (OTCPK:FINMY) and Airbus (OTCPK:EADSY).
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  • May 21, 2014, 8:30 AM
    • Raytheon (RTN) and Lockheed Martin (LMT) are vying to win the deal to provide Germany's future air-defense system.
    • Raytheon is the incumbent but Lockheed Martin has been involved in the development of the Medium Extended Air Defense Systems (Mead) along with European missile consortium MBDA, which comprises Airbus (EADSY), BAE Systems (BAESF) and Finmeccanica (FINMF).
    • The German government is reviewing its plans after the U.S. decided to stop financing Mead beyond the development stage.
    • Raytheon and Lockheed Martin are also competing to win a deal from Poland, and with the onset of the Ukraine crisis, the companies' battle is likely to be repeated in other European countries as well.
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  • Dec. 2, 2011, 8:50 AM
    New Italian PM Monti chalks up an early victory, getting the scandal-plagued CEO of Finmeccanica (FINMY.PK) to resign. The defense contractor - 30% owned by the state - is a leading symbol of the cozy and corrupt links between business and the government. Getting rid of the CEO is a step, but hardly changes the system.
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