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Piaggio Aerospace

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Buyers line up to take over Piaggio interests
Piaggio Aerospace commissioner Vincenzo Nicastro will be assessing proposals from four entities seeking to acquire Piaggio Aero Industries and Piaggio Aviation, with help from Italy's Ministry for Economic Development.
Negotiations to decide the future of Piaggio could last a month.

Four entities have replied positively to the invitation to file non-binding offers for the acquisition of the business complexes of Piaggio Aero Industries and Piaggio Aviation, the two companies in extraordinary administration operating under the Piaggio Aerospace brand.

The proposals arrived on the table of the Piaggio Aerospace commissioner Vincenzo Nicastro by the deadline of 18:00 last Friday: in the upcoming weeks, they will be assessed by the commissioner in cooperation with a team of experts. This analysis will be sent to the Italian Ministry for Economic Development in order to be able to start, having received the relevant authorisations, negotiations with whoever presented the best project. Negotiations are expected to last a maximum of one month with the aim of eventually arriving at an irrevocable and binding offer.

“We have received a wide range of proposals,” comments commissioner Nicastro. “Now the most delicate stage begins, which I hope will lead to the identification of the best solution in the interests of Piaggio Aerospace, its employees as well as the company's creditors.”

The solicitations to submit offers had been delivered to the five subjects that had explicitly confirmed their interest in purchasing the company and reaffirmed their willingness to take over the business in its entirety.

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