The global crisis provoked by COVID-19 led to the nationwide quarantine in Italy from March 9 and became the reason for Piaggio Aerospace bid delay.
Vincenzo Nicastro, the Extraordinary Commissioner of Piaggio Aerospace, has announced the second deadline extension for those intending to express interest in the acquisition of the company.
According to Nicastro the extension till May 29 is caused by “the ongoing international epidemiological emergency from COVID-19, and the consequent additional containment measures adopted by numerous governments”.
As for the company, manufacturer of the popular turboprop aircraft Piaggio P.180 Avanti, the delay will “allow the widest possible participation in the sales procedure”.
In late 2018, as Piaggio`s single stockholder - the wealth fund Mubadala in UAE - pulled out, the company started the procedure of extraordinary receivership. In Italy it serves for restructuring and insolvency issues.
Two months ago Vincenzo Nicastro called for potential buyers to show interest in the acquisition. The tender deadline was initially set for April 3, with the first postponement announced on March 24.
Nicastro managed to secure vital support represented by governmental orders for the manufacturer and, thus, make Piaggio more advantageous for acquirers. The value of this deal equals $980 million or €900 million.
More than 3 dozen parties have already shown willingness to acquire Piaggio, fully or by parts. However, according to Nicastro`s plan, the company is to be sold in full - to someone who has a longtime perception for its future.