Italian manufacturer Piaggio is back on the market after the administrators failed to conclude a deal to sell the company.
Piaggio has been in administration since Novermber 2018, and in February last year announced a short-list of five potential buyers, but last week Extraordinary Commissioner of Piaggio Aerospace Vincenzo Nicastro called for expressions of interest again.
"There are discussions with some subjects that are still open, but we want to be sure that we can guarantee the best long-term future of the company," Nicastro said. "For this reason–in agreement with the Ministry of Economic Development–we formally renew today the invitation to present expressions of interest for the Group ".
Piaggio Aerospace is made up of two companies: Piaggio Aero Industries and Piaggio Aviation. Administrators are looking to sell the company as one group.
“Let's start again, therefore, but not from scratch,” Nicastro said. "The preparatory work on the data ... is already done, while we have set very tight deadlines for due diligence and bid submission phases in order to speed up the process as much as possible.
"As always, we will carefully evaluate all the offers that we receive, verifying that they are drawn up in accordance with the tender regulations. The goal is to sell Piaggio Aerospace in its entirety to a buyer who can propose a solid recovery plan and development ... and that it recognises its proper value."
Piaggio Aerospace closed the 2021 financial year with a turn-over of approximately 152 million euros, with an order book of around 500 million euros and new orders expected for a further 180 million euros.
Administrators have given companies interested in taking over Piaggio until 28 February to lodge expressions of interest.