REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 15 (Reuters) - Italy's state-controlled defence and aerospace group Leonardo (LDOF.MI) on Wednesday said it would sell a 6.3% minority stake in its U.S. subsidiary Leonardo DRS (DRS.O) 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.
Index provider MSCI (MSCI.N) on Tuesday added Milan-listed Leonardo to its widely-followed MSCI ACWI stock index.
Last week, Leonardo posted rising core earnings, revenues and new orders and confirmed its full-year guidance.
Persons:
Leonardo, Dado Ruvic, Leonard, Morgan Stanley, Morgan, Urvi, Tom Hogue
Organizations:
REUTERS, Leonardo DRS, DRS, BofA Securities, Thomson
Locations:
Milan, European, Bengaluru