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The deadline to submit final bids for the purchase of Piaggio Aerospace has been extended. Final and binding offers for the purchase of all business complexes conducted by both Piaggio Aero and Piaggio Aviation must be submitted no later than 6:00 p.m. CET on Jan. 30, 2024.
Piaggio Aerospace announced the deadline extension on Tuesday, revealing that the company received the authorization from the Supervisory Committee and the Ministry of Enterprises and Made in Italy, extending the submission deadline to Jan. 30. Submissions must be drawn up in accordance with the "Specifications of the sale procedure for Business Complexes conducted by Piaggio Aero Industries S.p.A. in a.s. and Piaggio Aviation S.p.A. in a.s." A final determination regarding the sale is subject to authorization by the Ministry of Enterprises and Made in Italy.RELATED STORY:Bidding for sale of Piaggio Aerospace reopens
The bidding process has been ongoing for years, with Piaggio accepting the first bids in 2018 and narrowing it down to a single buyer in 2021. Despite the years-long bidding process and possible buyers, there has not been a sale. In July, the company shared that there were 13 subjects in the due diligence phase among the 18 who expressed interest. The phase of the sale process opened on May 10 and the deadline for presentations of new expressions of interest expired on June 19. The company has seen numerous phases and deadlines come and go, without leading to a sale.
A team of Extraordinary Commissioners of Piaggio Aerospace have been leading the sale, explaining the goal of selling the company to one buyer with a solid plan to relaunch and redevelop the company. The company has continued production during the years-long bidding process. Piaggio Aerospace designs, develops, manufactures and maintains aircraft, aircraft engines and structural components. In December 2018, the company entered the extraordinary receivership proceedings with Vincenzo Nicastro as Extraordinary Commissioner and the same applied to the subsidiary Piaggio Aviation. In March, it was announced that the group is now led by three Extraordinary Commissioners, Nicastro, Davide Rossetti and Carmelo Cosentino.
Serious bidders will now have until Jan. 30 to submit a final and binding offer for Piaggio Aero Industries and Piaggio Aviation.