The bidding process for Piaggio Aerospace formally reopens
Just few weeks after Mr Carmelo Cosentino and Mr Davide Rossetti joined Mr Vincenzo Nicastro in the Extraordinary Receivership governing body, and after receiving the relevant authorization from the Italian Ministry of Industry and Made in Italy (MIMIT), the bidding process for the sale of the business complexes of Piaggio Aero and Piaggio Aviation - the two companies under Extraordinary Administration that operate under the Piaggio Aerospace brand - officially reopens.
The details will be published tomorrow, May 10, in some selected Italian and international newspapers, as well as on the website of the Extraordinary Receivership. According to the tender, the parties that are interested in purchasing the assets of the companies - which are two legal entities but a unicum as an industry - have time until 12 June 2023 to submit the required documentation. According to the strict schedule of the sale, once the deadline has expired, eligible applicants will be granted approximately 30-day access to the data room. Thereafter, binding offers will be solicited and the most appropriate will eventually be selected.
In the meantime, the Minister of Industry and Made in Italy, Mr Adolfo Urso, extended the deadline to complete the sale process by one year, which now ends on May 13, 2024.
“Our objective”, explained the Extraordinary Commissioners, “is identifying the best industrial solution in the shortest possible time, finding a prospective buyer - even at the international level - who can guarantee operational continuity, maintenance of employment, specific know-how and financial stability, as well as recognize the Company’s fair value.”
Piaggio Aerospace currently has a backlog and order intake of approximately 556 million euros.