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UPDATE 1-Italy will not allow break-up of Piaggio Aerospace - deputy PM


Reuters Italy
Updated: 18-05-2019 02:17 IST
UPDATE 1-Italy will not allow break-up of Piaggio Aerospace - deputy PM

Image Credit: Pxhere

Italy's government will not allow a break-up of aircraft maker Piaggio Aerospace, which was placed under special administration last year, Deputy Prime Minister Luigi Di Maio said on Friday.

Piaggio Aerospace needs to find a buyer for the whole business or one of its two units - engines and aircraft, each of which includes both production and maintenance activities. Italian defence group Leonardo said on Thursday it had expressed an interest in Piaggio Aerospace's engine and aircraft maintenance activities.

"What I don't want is a break-up of this company," Di Maio said, adding, however, he was not opposing Leonardo's proposal. Piaggio Aerospace's extraordinary commissioner last month called for non-binding expressions of interest by May 15.

Piaggio Aerospace has received 39 non-binding expressions of interest from potential buyers, a source close to the matter told Reuters on Friday, 26 of which were for the entire company.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

COUNTRY : Italy

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