Published on 18 Nov 2023 on Reuters via Yahoo Finance
Italy's Leonardo to offer 6.3% stake in US subsidiary in share sale
(Reuters) - Italy's state-controlled defence and aerospace group Leonardo on Wednesday said it would sell a 6.3% minority stake in its U.S. subsidiary Leonardo DRS on the market.
The 16.5 million shares in Leonardo DRS making up the stake are worth about $344.2 million, according to Reuters calculations based on their closing price on Wednesday.
Proceeds from the sale will be used to increase financial flexibility to finance possible investments and acquisitions, Leonard said in its statement announcing the sale.