LONDON-Unconfirmed reports stated telecom equipment maker Marconi plc has sold its mobile unit to Italian state-controlled defense and engineering company Finmeccanica SpA.
Finmeccanica has approved $594.5 million to acquire the struggling mobile division, according to the reports, although Marconi has not yet confirmed the sale.
“Those discussions are at an advanced stage. Further announcements will be made in due course,” said Marconi.
Marconi has been cash strapped in the past year and embarked on a series of cost-cutting measures, including layoffs.
