Piaggio Aerospace invites bidders to make purchase offer
The process for the sale of the business complexes of Piaggio Aero Industries
and Piaggio Aviation – the
two companies in extraordinary receivership operating under the Piaggio Aerospace brand - enters its final
stage. After the due diligence phase
and after having received the relevant authorization from the Italian Ministry
for Economic Development, five different entities – spread over three
continents - have been formally invited to submit their offers to purchase the business
complexes of both companies. The deadline is set at 6 pm on 5 March.
This was announced by the Extraordinary Commissioner
of Piaggio Aerospace, Vincenzo Nicastro, during a meeting between the company
and representatives of the local trade unions, which took place on February 24.
Answering the questions of the workers’ representatives,
Mr Nicastro pointed out that the letters were sent to those who explicitly
confirmed their interest in purchasing the company and who reaffirmed their
willingness to take over the business complexes in their entirety. “Having five bidders on the shortlist is a
very positive result,” commented Mr Nicastro, “particularly if we consider that
the pandemic discouraged several overseas entities, especially those that most
suffered from travel restrictions”.
With the full agreement of the Ministry’s technicians,
Nicastro explained, “I thought it useful at this stage to make the offers non-binding,
in order to allow me to start all-round negotiations with those who will submit
the best proposal in terms of the industrial plan, guarantees for the future
and purchase price”. Negotiations are expected to last no longer than a month,
to then get to an irrevocable and binding offer. “I intend to start this last
phase as soon as possible”, pointed out Mr Nicastro, “immediately after we
shall get a further authorization requested by the Ministry, which I hope will
soon be granted in order not to further slow down the sale process”.
The Company- which employees about 940 people - is
meanwhile carrying forward its production and commercial plans, with some
further orders close to being signed.