Italy’s Leonardo to offer 6.3% stake in US subsidiary in share sale By Reuters

<p> <br />
</p>
<div>
<div>
<img decoding="async" alt="Italy's Leonardo to offer 6.3% stake in US subsidiary in share sale" id="carouselImage" src="https://i-invdn-com.investing.com/trkd-images/LYNXMPEJAE0ZQ_L.jpg" style="visibility:hidden" /><br />
<span>© Reuters. Leonardo logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration/File Photo</span><br />
<i class="imgGrad"/>
</div>
<p>(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. </p>
<p>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. </p>
<p>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. </p>
<p>Index provider MSCI on Tuesday added Milan-listed Leonardo to its widely-followed MSCI ACWI stock index. </p>
<p>Last week, Leonardo posted rising core earnings, revenues and new orders and confirmed its full-year guidance. Profitability in the nine months to Sept. 30 was mainly supported by European electronics, aircraft and helicopters.</p>
<p>Morgan Stanley, BofA Securities and J.P. Morgan are acting as joint book-running managers for the proposed share offering. </p>
</div>
<p><br />
<br /><a href="https://www.investing.com/news/stock-market-news/italys-leonardo-to-offer-63-stake-in-us-subsidiary-in-share-sale-3235750">Source link </a></p><p>The post <a href="https://forextraderhub.com/italys-leonardo-to-offer-6-3-stake-in-us-subsidiary-in-share-sale-by-reuters.html">Italy’s Leonardo to offer 6.3% stake in US subsidiary in share sale By Reuters</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>