MILAN (Reuters) – Piaggio Aerospace Italy, which applied for creditors’ protection at the end of 2018, said on Wednesday that it had officially invited five bidders to make a buyout bid for the group.
The deadline for five bidders to submit non-binding bids was set for March 5, the company said in a statement, adding they were interested in buying the group’s aircraft and engine businesses.
Company special administrator Vincenzo Nicastro has sent out the letters as a further step in the company’s sales process, which began last year when Piaggio Aerospace initially withdrew expressions of interest from 19 international bidders.
“Having five applicants on the short list is very positive, especially if we consider that the pandemic has objectively discouraged many foreigners,” said Nicastro.
Nicastro said that a non-binding offer would be assessed by the Italian Ministry of Economic Development and then talks would start on arriving at a binding offer.
Reporting by Giulio Piovaccari, editing by Agnieszka Flak