DRS acquisition deal moves forward

ROME, Aug. 29 (UPI) -- Italian company Finmeccanica's move to acquire DRS Technologies has taken a step forward with an announced early elimination of a regulation waiting period.

The U.S. Justice Department and Federal Trade Commission granted Finmeccanica, a developer of helicopters, aircraft, missiles and other military equipment, an early termination of the regulation company acquisition waiting period as mandated by the Hart-Scott-Rodino Antitrust Improvements Act.

Finmeccanica officials signed a merger agreement in May to purchase New Jersey-based defense contractor DRS for $81 per share or $5.2 billion. The deal is a move by Finmeccanica to make its presence known in the U.S. defense market through acquiring DRS and by consolidating its role internationally as a supplier of integrated systems.

Officials say with the completed HSR review, the acquisition can move forward pending the approval of DRS' stockholders, who have scheduled a meeting to vote on the deal Sept. 25.

If the deal proceeds, DRS will continue to operate with its current management at its New Jersey headquarters and act as a wholly owned subsidiary of Finmeccanica.