May 17, 2019 / 9:14 AM / 5 days ago

Italy will not allow break-up of Piaggio Aerospace: deputy PM

FILE PHOTO: 5 Star leader and Italian Deputy Prime Minister Luigi di Maio in Rome, Italy, May 2, 2019. REUTERS/Yara Nardi/File Photo

MILAN (Reuters) - Italy’s government will not allow a break-up of aircraft maker Piaggio Aerospace, which was placed under special administration last year, Deputy Prime Minister Luigi Di Maio said on Friday.

Piaggio Aerospace needs to find a buyer for the whole business or one of its two units - engines and aircraft, each of which includes both production and maintenance activities.

Italian defence group Leonardo said on Thursday it had expressed an interest in Piaggio Aerospace’s engine and aircraft maintenance activities.

“What I don’t want is a break-up of this company,” Di Maio said, adding, however, he was not opposing Leonardo’s proposal.

Piaggio Aerospace’s extraordinary commissioner last month called for non-binding expressions of interest by May 15.

Piaggio Aerospace has received 39 non-binding expressions of interest from potential buyers, a source close to the matter told Reuters on Friday, 26 of which were for the entire company.

Reporting by Maria Pia Quaglia and Giulio Piovaccari; Editing by Alexander Smith

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