Finmeccanica shortlists two for assets – CEO

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Italy’s Finmeccanica has shortlisted two bidders for the transport assets it has put up for sale to cut debt and focus on its core aerospace and defence businesses, CEO Mauro Moretti said on Wednesday on the sidelines of an event in Rome.

Drone Finmeccanica on Paris Air Show. (File photo / US Air Force).

Drone Finmeccanica on Paris Air Show. (File photo / US Air Force).

Moretti said Finmaccanica will pick the winning bidder by the end of October, or early in November. He did not disclose any names.

Japanese newspaper Nikkei reported earlier that industrial giant Hitachi and China CNR Corp were the two finalists.

Selling the two Ansaldo units is crucial for Finmeccanica if it wants to complete its turnaround. Rating agencies have already cut the company’s debt to junk status, making it harder for the group to compete for contracts on international markets.

Standard & Poor’s warned last week it could lower Finmeccanica’s rating if its credit fundamentals did not improve steadily throughout 2015 thanks to the restructuring and disposal plan.