Finmeccanica gives life to a bad company for AndaldoBreda, a corporate box in which to merge the debts, the less productive businesses and the various non-performing contracts of the railway company. A solution identified by Finmeccanica's management to make the 'healthy' part of Breda attractive.
The operational decision of the AnsaldoBreda board is still missing (a meeting of which is scheduled for tomorrow), but the certainty is that the exit of the Breda group from the railway company is not yet close.
The idea of the bad company was presented today by Finmeccanica's managing director, Alessandro Pansa, to the London financial community which has been waiting for news for some time, especially on AnsaldoBreda. And the market reactions to the presentation were not long in coming: in the final stages of the session Finmeccanica rallied decisively upwards, closing with a leap of 4,9% to 5,33 euros.
The sale of Breda seems difficult. Negotiations with General Electric, which is strongly interested in acquiring Ansaldo Sts, have slowed down significantly in recent days because the American group does not want to know about acquiring Breda as well, as Finmeccanica would like.
Last week, speaking with analysts on the occasion of the nine-month results, Pansa reiterated its intention to go ahead with the sale of the railway sector, emphasizing that Finmeccanica is ready to sell the two companies individually as well. The only viable way, the sources observe, currently appears to be that of a civilian transport hub into which to merge the two Finmeccanica railway companies, perhaps merging them with Fincantieri under the direction of Cassa depositi e prestiti, which indirectly controls the group shipbuilding.
A road only hypothesized at the moment. Yesterday the president of CDP, Franco Bassanini, said that only under certain conditions is the Cassa ready "to lend a hand".
