Finmeccanica S.p.A. (FNC.MI) and DRS Technologies, Inc. (NYSE: DRS)
announced today that the Committee on Foreign Investment in the United
States (CFIUS) has completed its review of the proposed merger of DRS
with Finmeccanica and is permitting the merger to proceed.
As announced on May 12, 2008, Finmeccanica and DRS entered into a
definitive merger agreement in which Finmeccanica will acquire DRS for
US$81 per share. Completion of the CFIUS review was one of the
conditions for the consummation of the merger. The merger continues to
be subject to customary closing conditions for a transaction of this
type, and it is expected that closing will occur in due course.
About Finmeccanica
Headquartered in Italy, Finmeccanica is a leading global high-technology
company with core competencies in the design and manufacture of
helicopters, civil and military aircraft, aero structures, satellites,
space infrastructure, missiles, defense electronics and security. The
company employs more than 60,000 people worldwide, including 2,100
employees at 32 sites in North America – not
including DRS. For more information about Finmeccanica, please visit www.finmeccanica.com.
About DRS Technologies
DRS Technologies, headquartered in Parsippany, New Jersey, is a leading
supplier of integrated products, services and support to military
forces, government agencies and prime contractors worldwide. The company
employs approximately 10,500 people. For more information about DRS
Technologies, please visit www.drs.com
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM
ACT OF 1995: This press release contains forward-looking statements,
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, that are based on management's beliefs and assumptions, current
expectations, estimates and projections. Such statements, including
statements relating to the combined company's expectations for future
financial performance, are not considered historical facts and are
considered forward-looking statements under the federal securities laws.
These statements may contain words such as "may," "will," "intend,"
"plan," "project," "expect," "anticipate," "could," "should," "would,"
"believe," "estimate," "contemplate," "possible" or similar expressions.
