China’s Insigma Group makes binding offer for Finmeccanica Rail Unit

बीजिंग Beijing: A group led by China’s Insigma has presented a binding offer for AnsaldoBreda, the train maker unit Finmeccanica (SIFI.MI) is selling along with its stake in Ansaldo STS (STS.MI), two sources familiar with the matter said on Tuesday.

One of the sources told Reuters that the offer is worth around 1.5 billion euros ($1.9 billion) and also includes Ansaldo STS, without elaborating on the mechanics of the bid.

Finmeccanica, an aerospace and defense group controlled by the Italian state, owns 40 percent of Ansaldo STS.

A second source said vehicle behind the Chinese bid is United Mechanical & Electrical 000925.SZ, which is part of the Insigma Group.

Shares in Ansaldo STS rose more than 3 percent on the report.