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Finmeccanica says will not incorporate loss-making unit
June 18, 2014 / 7:36 PM / 3 years ago

Finmeccanica says will not incorporate loss-making unit

MILAN, June 18 (Reuters) - Italian aerospace and defence group Finmeccanica said on Wednesday it will not incorporate its train-making AnsaldoBreda unit, denying media reports following the appointment of a new chief executive.

The company put the loss-making AnsaldoBreda and its stake in rail technology company Ansaldo STS up for sale more than two years ago, aiming to cut debt.

Political interference and a series of corruption scandals have delayed the process, triggering a downgrade to junk of the company 3.3 billion euro ($4.5 billion) debt pile.

In April the Italian government appointed Mauro Moretti, former head at state railways Ferrovie dello Stato, as chief executive in place of Alessandro Pansa.

$1 = 0.7368 Euros Reporting by Francesca Landini, editing by David Evans

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