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finmeccanica spa (FNC) Details

Finmeccanica SpA is engaged in the helicopters, defense and security electronics, aeronautics, space, defense systems, transportation, and other fields in Italy, the United Kingdom, rest of Europe, North America, and internationally. The company manufactures helicopters and rotorcrafts for commercial and military applications; and designs, develops, produces, and supports a range of systems for defense, aerospace, information security and protection, infrastructure, and territory, as well as provides sustainable solutions. It is also involved in the design, development, manufacture, maintenance, and overhaul of civil and military aircrafts, unmanned aerial vehicles, training aircrafts, and aerostructures, as well as turboprop aircrafts. In addition, the company designs and develops space systems to the management of launch services and in-orbit satellite control, including earth observation services, integrated communications, satellite navigation, and localization to scientific programs. Further, it produces small and medium calibre naval guns, artillery to armored vehicles, and guided ammunition to anti-aircraft systems; torpedoes, underwater surveillance sonar systems, and anti-torpedo countermeasure systems for submarines and surface vessels, as well as provides technical support service; and missiles and missile systems for armed forces. Additionally, the company manufactures high-speed trains, diesel and electric locomotives, double-decker electric trains, electric multiple units, diesel multiple units, modern driverless metro systems, and modular light rail vehicles; and buses, as well as designs and supplies traffic management systems, and provides signaling and related services. It is also involved in the design and construction of industrial plants. The company was founded in 1948 and is headquartered in Rome, Italy.

55,336 Employees
Last Reported Date: 11/5/14
Founded in 1948

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finmeccanica spa (FNC) Key Developments

Finmeccanica Ansaldobreda Signs EUR 250 Million Contract with Trenitalia

Finmeccanica AnsaldoBreda announced that the company has signed a EUR 250 million contract with Trenitalia, or FS Italiane Group, for the maintenance service of the new Frecciarossa 1000 fleet, the super trains manufactured in AnsaldoBreda's Pistoia plant. The Frecciarossa 1000 fleet will start operations next year on the Italian High Speed network. The ten-year contract includes the preventive, first-level and corrective maintenance on board of the vehicles, with the aim of optimizing the mission reliability and the availability of the trains. The service will be carried out within the Trenitalia facilities in Naples and in Milan, where AnsaldoBreda will perform all operations through its specialized staff.

Chinese Consortium Reportedly Offers To Acquire AnsaldoBreda

Chinese consortium led by United Mechanical & Electrical Co.,Ltd. (SZSE:000925) and a new partner filled a binding offer to acquire 100% of AnsaldoBreda S.p.A. from Finmeccanica SpA (BIT:FNC), Italian daily Il Sole 24 Ore reported, citing reliable financial sources. China CNR Corporation Limited (SHSE:601299) had pulled out the consortium. The report stated that other bidder, Hitachi Ltd. (TSE:6501), has not submitted a binding offer by the December 15, 2014 deadline. Finmeccanica had invited the two bidders to file binding offers for AnsaldoBreda and Ansaldo STS SpA (BIT:STS). Finmeccanica is expected to hold a board of directors meeting on December 18, 2014 or December 19, 2014 to decide on the buyer. The Chinese binding offer contains the word "merger" and offer also includes a business plan to keep all jobs at both AnsaldoBreda and Ansaldo STS, along with investment in both companies in the coming years, the report stated.

Hitachi Reportedly Looks For Alternative To Finmeccanica's Asset Purchase

Hitachi Ltd. (TSE:6501) is looking for alternative to Finmeccanica SpA (BIT:FNC) asset acquisition. On December 6, 2014, Corriere della Sera reported that the company is examining possible alternative acquisitions of rail assets in Europe in case its plans to buy Finmeccanica's AnsaldoBreda S.p.A. and Ansaldo STS SpA (BIT:STS). On November 17, 2014, Finmeccanica received a non-binding offer from Hitachi for AnsaldoBreda and a stake in Ansaldo STS, which are being sold by Finmeccanica. According to the report, Hitachi did not like Finmeccanica's decision to allow a Chinese alliance back into the bidding game. A Chinese consortium led by China CNR Corporation Limited (SHSE:601299) was the other bidder shortlisted in the race, but by the November 17, 2014 deadline only Hitachi was the one to have submitted an offer. CNR Corporation later pulled out and Insigma Technology Co., Ltd. (SHSE:600797) confirmed that its interest and found another bidding partner, Chengdu Xinzhu Road&Bridge Machinery Co., Ltd (SZSE:002480), Corriere della Sera reported. Hitachi is now looking for an alternative rail asset acquisition in Europe, with Vossloh AG (DB:VOS) as well as Newag Spólka Akcyjna (WSE:NWG) and Construcciones y Auxiliar de Ferrocarriles, S.A. (CATS:CAF) reportedly being eyed by the Hitachi. The report citing sources as saying added that Finmeccanica's Chief Executive Mauro Moretti and his closest aides are waiting for an alternative offer for AnsaldoBreda and Ansaldo in the coming days. La Repubblica reported that some see the return of the Chinese as a move by Finmeccanica aimed at raising Hitachi's offer. It also mentioned that Hitachi is said to be ready to take up the company's debts and the future restructuring. Finmeccanica is expected to decide on whom to sell AnsaldoBreda and Ansaldo STS to by the end of 2014.


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