Five entities from three continents have made it to the final bidding process to acquire Piaggio Aerospace, with offers to purchase due on March 5, the Italian aircraft manufacturer announced today. In all, 19 entities had expressed interest in buying Piaggio Aerospace, which entered extraordinary receivership in late 2018, but only five received authorization from the Italian Ministry for Economic Development and then passed the diligence phase.
Vincenzo Nicastro, the extraordinary commissioner of Piaggio Aerospace, said letters were sent to those who explicitly confirmed their interest in purchasing the company and reaffirmed their willingness to take over the business in its entirety. “Having five bidders on the shortlist is a very positive result,” he said, “particularly if we consider that the pandemic discouraged several overseas entities, especially those that most suffered from travel restrictions.”
According to Nicastro, the final offers will be non-binding “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 then expected to last no longer than a month before culminating in a binding offer, he noted.
Meanwhile, the manufacturer of the nine-seat Avanti Evo turboprop twin is carrying forward its production and commercial plans, Nicastro said. Piaggio Aerospace currently employs 940 people.