Offer Update

RNS Number:7889K
Finmeccanica SpA
31 December 2007

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR
FROM ANY RESTRICTED JURISDICTION OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION



PRESS ANNOUNCEMENT



31 December 2007



RECOMMENDED CASH OFFER BY FINMECCANICA - SOCIETA' PER AZIONI ("FINMECCANICA")
FOR THE ENTIRE ISSUED AND TO BE ISSUED SHARE CAPITAL OF VEGA GROUP PLC ("VEGA")
NOT ALREADY OWNED BY FINMECCANICA (THE "OFFER")



                      OFFER UPDATE AND EXTENSION OF THE OFFER

1.    Level of acceptances

Finmeccanica announces that as at 1.00 p.m. (London time) on 28 December 2007,
the first closing date of the Offer, valid acceptances had been received in
respect of a total of 11,676,710 VEGA Shares, representing approximately 56.9
per cent. of VEGA's issued share capital.  None of these acceptances was
received from persons acting in concert with Finmeccanica.

As at the announcement of the Offer on 29 November 2007, Finmeccanica had
received irrevocable undertakings to accept or procure the acceptance of the
Offer from directors of VEGA in respect of a total of 74,300 VEGA shares,
representing approximately 0.36 per cent. of VEGA's issued share capital.
Acceptances have been received in respect of all of these Vega Shares. Of this
figure acceptances have been received in respect of 27,300 Vega shares, which
are valid in all respects. Acceptances in respect of the remaining 47,000 Vega
shares are not valid in all respects as the share certificate(s) have not yet
been lodged with the Receiving Agent.

In addition, as disclosed in the offer document dated 7 December 2007 (the
"Offer Document"), Finmeccanica acquired on 30 November 2007, 5,792,331 VEGA
Shares representing approximately 28.2 per cent. of the current issued share
capital of VEGA.

Accordingly, as at 1.00 p.m. (London time) on 28 December 2007, Finmeccanica
owned or had received valid acceptances in respect of a total of 17,469,041 VEGA
Shares representing approximately 85.1 per cent. of VEGA's issued share capital.

Save as disclosed in this announcement, neither Finmeccanica, nor any person
acting in concert with Finmeccanica, had an interest in or had any rights to
subscribe for any relevant securities of VEGA nor had any short position or any
arrangement in relation to any relevant securities of VEGA.  For these purposes,
"arrangement" includes any agreement to sell or any delivery obligation or
option arrangement or right to require another person to purchase or take
delivery of any relevant securities of VEGA and any borrowing or lending of any
relevant securities of VEGA which have not been on-lent or sold.

2.    Extension of the offer

The Offer, which remains subject to the terms and conditions set out in the
Offer Document, is being extended for 19 days and will remain open for
acceptance until the next closing date which will be 1.00 p.m. (London time) on
16 January 2008.  Any further extensions of the Offer will be publicly announced
by 8.00 a.m. on the business day following the day on which the Offer was
otherwise due to expire, or such later time or date as the Panel may agree.

VEGA Shareholders who have not yet accepted the Offer are urged to do so as soon
as possible and in any event by 16 January 2008.

VEGA Shareholders holding VEGA Shares in certificated form (that is, not in
CREST) who wish to accept the Offer but who have not done so should complete,
sign and return the Form of Acceptance (in accordance with the instructions set
out in the Offer Document) as soon as possible to Capita Registrars at Corporate
Actions, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU.

VEGA Shareholders holding VEGA Shares in uncertificated form (that is, in
CREST), who wish to accept the Offer but who have not done so should accept the
Offer by TTE Instructions (in accordance with the instructions set out in the
Offer Document) so that the TTE Instruction settles no later than 1.00 p.m.
(London time) on 16 January 2008. If you hold VEGA Shares as a CREST sponsored
member, you should refer to your CREST sponsor as only your CREST sponsor will
be able to send the necessary TTE Instruction to CREST.

VEGA Shareholders who have any questions in relation to how they may accept the
Offer are requested to contact Capita Registrars' on 0870 162 3121 (or +44 20
8639 3399 if calling from outside the UK) between 9.00 a.m. and 5.00 p.m.
(London time) on any Business Day.

Copies of the Offer Document and the Form of Acceptance are available for
inspection (during normal business hours on any Business Day) at the offices of
Dewey & LeBoeuf, No.1 Minster Court, Mincing Lane, London EC3R 7YL throughout
the period during which the Offer remains open for acceptance. The Offer
Document will also be available on Finmeccanica's website and on VEGA's website.

3.    Other

Any capitalised terms used but not defined in this announcement are as defined
in the Offer Document.

Finmeccanica
John Stewart                                            Tel:  [phone]
Roberto Mengucci

UBS Investment Bank (Financial adviser to Finmeccanica)
Pierpaolo di Stefano                                    Tel: [phone]
Mario Fera



The members of Finmeccanica's Comitato di Direzione accept responsibility for
the information contained in this announcement. To the best of the knowledge and
belief of such persons, who have taken all reasonable care to ensure that such
is the case, the information contained in this announcement for which they are
responsible is in accordance with the facts and does not omit anything likely to
affect the import of such information.

UBS is acting exclusively for Finmeccanica and no one else in connection with
the Offer and this announcement and will not be responsible to anyone other than
Finmeccanica for providing the protections afforded to clients of UBS or for
providing advice in relation to the Offer or the content of or any other matters
or arrangements referred to in this announcement.

This announcement does not constitute an offer to sell or an invitation to
purchase any securities or the solicitation of an offer to buy any securities,
pursuant to the Offer or otherwise or of any vote or approval in any
jurisdiction. VEGA Shareholders are advised to read carefully the formal
documentation in relation to the Offer once it has been dispatched. This will
contain the full terms and conditions of the Offer, including details of how the
Offer may be accepted. Any response in relation to the Offer should be made only
on the basis of the information contained in the Offer Document or any other
document by which the Offer is made.

The distribution of this announcement in jurisdictions other than the United
Kingdom and the availability of the Offer to VEGA Shareholders who are not
resident in and citizens of the United Kingdom may be affected by the laws of
the relevant jurisdictions in which they are located or of which they are
citizens. Such persons should inform themselves of, and observe, any applicable
legal or regulatory requirements of their jurisdictions. Further details in
relation to overseas shareholders will be contained in the Offer Document.

Unless otherwise determined by Finmeccanica or required by the City Code, and
permitted by applicable law and regulation, the Offer will not be made, directly
or indirectly, in or into or from, or by use of the mail, or by any means or
instrumentality (including, without limitation, telex, facsimile transmission,
telephone, internet or other forms of electronic communication) of interstate or
foreign commerce of, or by any facilities of a national securities exchange of a
Restricted Jurisdiction and the Offer cannot be accepted by any such use, means
or instrumentality or otherwise from or within a Restricted Jurisdiction.
Accordingly, copies of this announcement and any documentation relating to the
Offer are not being, and must not be, directly or indirectly mailed or otherwise
forwarded, distributed or sent in or into or from any such jurisdiction where to
do so would constitute a breach of the securities laws in that jurisdiction.
Persons receiving this announcement (including, without limitation, custodians,
nominees and trustees) should observe these restrictions and should not send or
distribute this announcement in, into or from any such jurisdictions.

Finmeccanica or members of the Finmeccanica Group may purchase VEGA Shares
otherwise than under the Offer, such as in open market or privately negotiated
purchases. Such purchases shall comply with the applicable laws of the UK as
well as the Disclosure and Transparency Rules and the City Code.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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