Reuters
Italy's Leonardo is trimming its stake in U.S. unit DRS as new CEO Roberto Cingolani looks to expand the state-controlled group with major roles in European defence projects. Leonardo late on Wednesday said it would launch a public secondary offering of 16.5 million shares, or a 6.3% minority stake in DRS, worth about $344 million, according to Reuters calculations, reducing its holding to just below 74%. The proceeds would increase the defence contractor's flexibility to finance accretive investments and acquisitions, it added in a statement.