Piaggio Aerospace opens its data room to 13 new potential buyers
process of the business complexes of Piaggio
Aero Industries and Piaggio Aviation
- the two companies in extraordinary receivership proceedings that operate
under the Piaggio Aerospace brand -
enters a new phase. The company’s Extraordinary Commissioners announced that they
have admitted to the due diligence phase 13 subjects among the 18 who
had expressed their interest, thus granting them access to data room of the
Aerospace’s Commissioners Carmelo Cosentino, Vincenzo Nicastro and
Gianpaolo Davide Rossetti did not disclose any name but assured that among
them there are “first-level companies or consortia mainly with an industrial
background, with an interest in buying the company in its entirety and mostly
based in Italy or Europe”.
buyers will have time until the end of August to access the data room to get
the needed information on the business complexes of two companies and assess,
among other things, their value and potential. Once the due diligence phase
will be over, binding offers will be solicited. "We are starting this new
phase of the procedure in full compliance with the original timetable",
commented the Commissioners: "We are aiming at having a name to propose to
the Ministry of Enterprises and Made in Italy in the autumn and sign a preliminary,
binding deal by the end of the year".
The opening of the
current phase of the process for the sale of the Piaggio Aero Industries and
Piaggio Aviation business complexes was announced by the Extraordinary
Commissioners on May 10. The deadline for the presentation of new expressions
of interest expired on June 19.
expeditiously and without exceptions of any kind, aiming at identifying a new
owner who, in addition to recognizing the fair value of the Group, will be able
to propose a long-term strategy, safeguarding the company’s brand, competencies
and employment ", the Commissioners said.