Finmeccanica, Thales, DCNS to merge some activities: report

20th July 2010, Comments 0 comments

Italy's Finmeccanica and the French defence groups DCNS and Thales are negotiating a merger of their torpedo and sonar activities, Italian financial daily Il Sole 24 Ore reported on Tuesday.

"The negotiations under way foresee for the merger of assets and the splitting into two companies," Il Sole 24 Ore reported.

Finmeccanica would control 51 percent of the torpedo company, which would have a turnover of about 300 million euros (390 million dollars) with the remaining part owned by DCNS and Thales.

The sonar company would have a turnover of 200 million euros and would be controlled by Thales with 51 percent, with Finmeccanica owning the remaining part, according to Il Sole 24 Ore.

Finmeccanica would not comment on the matter.

DCNS is controlled by the French state, which owns 75 percent, with Thales owning the remaining 25 percent.

In 2007, the three companies had already signed a letter of intent in order to bring closer undersea defence activities, but the operation never panned out.

© 2010 AFP

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