MILAN (Thomson Financial) - Canadian conglomerate Bombardier Inc. will
propose to Finmeccanica SpA a merger of its Bombardier Signalling unit with
Ansaldo STS SpA, of which Finmeccanica owns 40 percent, and the acquisition of
Ansaldo Breda, of which the Italian group owns 100 percent, the daily La Stampa
said, citing sources close to the operation.
The operation foresees merging Bombardier Signalling into Ansaldo STS, which
could remain listed on the Milan stock exchange, in a share swap deal which
could possibly include a portion in cash, it said.
The paper said even if Bombardier and Finmeccanica would end up controlling
more than 30 percent of Ansaldo STS they would not be forced to launch a
compulsory takeover because the merger has a clear industrial rationale.
Alternatively, if Bombardier becomes an Ansaldo STS shareholder, subscribing
to a reserved capital hike and transferring Bombardier Signalling, Bombardier
and Finmeccanica would be obliged to launch a takeover bid that at current
market prices would cost about 600 million euros, it said.
Contacted by La Stampa, Bombardier Italia declined to comment.
danilo.masoni@thomsonreuters.com
dm/jlw
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