The Board of Directors of Finmeccanica, convened today under the chairmanship of Gianni De Gennaro, has resolved to sell its shareholding in Ansaldo Energia to Fondo Strategico Italiano.
The transaction has been agreed at a fixed price of 777 million...
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The Board of Directors of Finmeccanica, convened today under the chairmanship of Gianni De Gennaro, has resolved to sell its shareholding in Ansaldo Energia to Fondo Strategico Italiano.
The transaction has been agreed at a fixed price of 777 million euros, and an earn out worth up to 130 million euros maturing over the years 2014, 2015 and 2016, linked to delivery of economic results by Ansaldo Energia laid out in the current business plan already approved by the Company.
The transaction provides for the sale of 99.55% (*) of Ansaldo Energia: with 84.55% (39.55% owned by Finmeccanica and 45% by First Reserve) at closing, expected by the end of 2013; the remaining 15% stake of Finmeccanica to be sold, through a put and call option, to be exercised from 30 June 2017 to 31 December 2017, based on the price of 777 million euros, capitalised at an annual compound interest rate of 6%.
Through this operation Finmeccanica will achieve the following:
Cash in of 273 million euros at
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