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July 24, 2008 8:39:56 AM CDT



Italian Firm to Buy DRS Technologies

Posted May 12, 08 10:30 PM CDT in Business 

(Newser) – Italy's biggest defense contractor has agreed to buy DRS Technologies Inc. for $5.3 billion and grab a share of America's defense market, the Wall Street Journal reports. Finmeccanica will purchase the defense-electronics firm for $81 per share, a 32% premium on share price, pending approval by Washington. The deal is expected to close by year's end.

Source Wall Street Journal

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A radar screen is seen in this undated file photo.   ((c) Steve Parker)
Radar operators work in the radar room at Qatar International Airport, in Doha, Qatar, Wednesday, March 19, 2003.   (AP Photo)
A radar satellite at work in an undated file photo.   ((c) leedsyorkshire)
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