Leonardo Exercises its Right of First Refusal to Purchase of 98.54% of Vitrociset
(Source: Leonardo; issued Sept 07, 2018)
ROME --- Leonardo's Board of Directors, convened today under the Chairmanship of Gianni De Gennaro, has decided to exercise its right of first refusal and so to purchase 98.54% of Vitrociset, of which Leonardo currently holds a 1.46% stake. This follows the notification of an offer received on 9 August.

The transaction creates value, enabling Leonardo to strengthen its Services core business, mainly Logistics and Simulation & Training, and Space Operations activities, including Space Surveillance and Tracking. Moreover, this initiative allows the national consolidation of the Aerospace, Defence and Security value chain, increasing its competitiveness with significant market opportunities.

Subsequently, the most appropriate corporate structures will be assessed, also to enable the possible entrance of other partners, who can contribute to a better positioning of Vitrociset in reference business.

Vitrociset offers specialized services and solutions for complex systems in the fields of defense and security, space, transport and critical infrastructures; with 989 employees, of which ca. 630 are in Italy, Vitrociset reported in 2017 ca. € 163 million of revenues and € 236 million of orders.

The transaction is subject to a number of closing conditions, including Golden [share] and Antitrust approvals.


Fincantieri and Mer Mec Will Not Finalize the Acquisition of Vitrociset
(Source: Fincantieri; issued Sept 07, 2018)
TRIESTE --- Reference is made to Fincantieri’s press release of 7 August 2018, which stated that Fincantieri and Mer Mec executed an agreement for the joint and equal acquisition of 98.54% of Vitrociset.

The transaction was subject to several conditions, including that Leonardo S.p.A., a minority shareholder of Vitrociset, would not exercise its pre-emption right to acquire the entire share capital of the company, of which it currently holds 1.46%.

Leonardo S.p.A. has announced today that its Board of Directors has approved its exercise of such pre-emption right. The exercise of such right renders the agreement for the joint acquisition of Vitrociset by Fincantieri and Mer Mec ineffective, thereby eliminating the prerequisites for the completion of the transaction.

Such outcome will not affect in any way the achievement of the economic and strategic objectives of the Fincantieri Group. Fincantieri will continue to pursue initiatives already underway, aimed at implementing its expertise in logistic support activities requested by customers, an area that is becoming increasingly essential for successfully competing in international markets.


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