A new phase in the sale process of the business complexes of Piaggio Aero Industries and Piaggio Aviation, the two companies under extraordinary administration operating under the Piaggio Aerospace brand, formally opens. The Extraordinary Commissioners of the companies announced that they had admitted to the due diligence phase 13 of the 18 subjects who had expressed their interest, allowing them to access the data room.
While maintaining the confidentiality of the names, the Commissioners Carmelo Cosentino, Vincenzo Nicastro and Gianpaolo Davide Rossetti assured that among them there are “very interesting companies or consortia, mostly with a strong industrial component, and with the declared interest in taking over the company in its entirety. Moreover, most of them are of Italian or European extraction”.
Access to the data room, which will allow potential buyers to acquire information to assess, among other things, the value and potential of the business complexes being sold, will be guaranteed until the end of August and will be supplemented, for those who wish, by visits to the plants. At the end of the due diligence activities, the submission of binding offers will be requested. “We are starting this phase of the procedure in full compliance with the timetable we had set ourselves,” the Commissioners commented. “We continue to work to get a name to propose to the Ministry of Enterprise and Made in Italy in the autumn, in order to proceed with the signing of a binding agreement by the end of the year”.
The opening of the current phase of the sale procedure for the Piaggio Aero Industries and Piaggio Aviation business complexes was announced by the Extraordinary Commissioners on 10 May. The deadline for submitting new expressions of interest expired on 19 June. “We will proceed quickly and without derogations of any kind, without renouncing the objective of identifying a new owner who, in addition to recognizing the right value of the Group, is able to propose a long-term strategy that preserves the brand, skills and employment”, concluded the Commissioners.
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