UPDATE 2-Finmeccanica eyes STM stake sale to fund DRS buy

(Adds syndicated loan financing, byline)

By Paolo Biondi

ROME, June 6 (Reuters) - Finmeccanica is considering selling its stake in STMicroelectronics to help fund its $4 billion purchase of U.S. defence firm DRS Technologies Inc, executives of the Italian defence and aerospace group said on Friday.

Finmeccanica (SIFI.MI) is also planning a capital increase of more than 1 billion euros, a public offering of about 60 percent of its Ansaldo Energia unit, and will take on debt to finance the $4 billion acquisition of DRS, they said.

The company had previously said it planned a capital increase and an offering of the Ansaldo Energia unit to fund the deal but had not specified the likely size for each.

Enjoying steady profit growth, a strong order backlog and modest debt levels, Finmeccanica is looking to grow through acquisitions and agreed to buy DRS DRS.N last month to boost its presence in the lucrative U.S. defence market.

Chairman Pier Francesco Guarguaglini said at a shareholder meeting on Friday that the company was discussing the size of the capital increase with its main shareholder, the Italian Treasury, and would not aim to raise more than 1.4 billion euros. The Italian Treasury's stake in the company is 33.7 percent.

The sale of the stake in chipmaker STMicroelectronics (STM.PA)(STM.N) could bring in between 230 million and 240 million euros ($359 to $375 million), Finance Director Alessandro Pansa said.

The partial offering of Ansaldo Energia could bring in 800 million to 900 million euros, based on an estimated value of about 1.4 billion euros for the entire unit.

Finmeccanica also launched a 3.2 billion euro syndicated loan to back the DRS deal, banking sources said on Friday.

Shareholders approved a new board at the meeting and reconfirmed Guarguaglini as chairman.

Guarguaglini said Finmeccanica remains open to an alliance in defence electronics with France's Thales (TCFP.PA). In the past, he has said the two companies could merge their defence electronics units.

Guarguaglini also said the company's Ansaldo Breda unit should reach break-even by the end of the year, after which Finmeccanica will decide whether to sell it in a public offering or find a partner for it. (Writing by Deepa Babington; Editing by Quentin Bryar and John Wallace)