December 7, 2012 / 7:40 PM / 5 years ago

General Electric near deal to buy Italy's Avio: sources

MILAN (Reuters) - General Electric Co (GE.N) is near a deal to acquire Italy’s Avio, a privately held airplane parts supplier, people familiar with the situation on Friday.

“General Electric is in pole position; it’s working on the details of the deal,” said a person familiar with the situation.

The sale is being managed by Cinven, a private equity fund that controls Avio.

“It will be a busy weekend,” said another person.

The sources did not provide any further details.

    Press reports have valued the company at more than 3 billion euros.

    France’s Safran SA (SAF.PA), with interests in airplanes, aerospace and defense, has also been in talks to buy Avio.

    Reporting by Elisa Anzolin, Massimo Gaia; Editing by Gerald E. McCormick

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