Story ID: 
Piaggio Aero Commissioners Narrow Potential Bidders
By: Kerry Lynch
Caption: Process now moves to due diligence phase
Word Count: 216
Piaggio Aerospace has entered the next phase in the long quest to find a buyer, with the company’s extraordinary commissions narrowing the field of potential bidders who may enter due diligence to 13. Some 18 potential bidders had expressed interest in acquiring Piaggio Aero Industries and Piaggio Aviation, the two companies that operate collectively as Piaggio Aerospace.
Officials handling the bankruptcy proceedings reopened bidding in early May after a previous effort to close a deal failed last year. The expressions of interest were due by June 19.
Piaggio commissioners Carmelo Cosentino, Vincenzo Nicastro, and Gianpaolo Davide Rossetti did not detail the names of the latest round of bidders but characterized them as “first-level companies or consortia mainly with an industrial background, with an interest in buying the company in its entirety and mostly based in Italy or Europe.”
Potential bidders were given until the end of August to review data on Piaggio. Following due diligence, the commissioners will ask for binding offers.
“We’ll proceed expeditiously and without exceptions of any kind, aiming at identifying a new owner who, in addition to recognizing the fair value of the Group, will be able to propose a long-term strategy, safeguarding the company’s brand, competencies, and employment,” the commissioners said.