Finmeccanica to sell STMicroelectronics share

By AFP

July 15, 2010 Updated Jun 15, 2009 at 7:01 AM CDT

Italian aerospace giant Finmeccanica will sell its 3.2-percent share in Geneva-based chipmaker STMicroelectronics, the Italian company's head told the Il Sole 24 Ore newspaper on Monday.

Finmeccanica will "sell its 3.2-share in STMicroelectronics" among other assets in an effort to "control debts" without "raising more capital," Finmeccanica's chief executive Pier Francesco Guarguaglini told the paper.

Finmeccanica in April reported its net profits had fallen 17.6 percent to 98 million euros (136 million dollars) in the first quarter of this year on a 12-month comparison partly because of the purchase of STMicroelectronics.

Geneva-based STMicroelectronics is an electronics and semiconductor giant.

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