ROME (Reuters) - Italy's defence and aerospace conglomerate Leonardo said on Friday it had sold 6.9% of its U.S. subsidiary DRS at $17.75 per share.
The state-controlled group sold 18 million shares in the upsized public secondary offering, leaving it with a 73.3% stake in DRS. Leonardo also granted a 30-day option to underwriters for the purchase of a further 2.7 million shares.
DRS will not receive any proceeds for the offering, the conglomerate said in a statement.
"With this transaction we will continue to consolidate Leonardo DRS and maintain a significant industrial and commercial presence in the US, the largest defense market in the world," Chief Executive Roberto Cingolani said in the statement.