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October 27, 2008 6:17 PM

US Government takes a step to allow DRS purchase by Finmeccanica

By
Matthew Potter
(MoneyWatch)  The U.S. Government's Committee on Foreign Investment approved the planned acquisition of DRS Technologies by Italian company Finmeccanica. The deal is worth over $5 billion and is structured as a stock purchase at $81 or so a share. DRS traded today at just over $80. DRS had long been rumored as an attractive takeover target, and the purchase by a European company again highlights their desire to get into the U.S. Defense market.

See a short article at NJ.com.

© 2008 CBS Interactive Inc.. All Rights Reserved.
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