The two competing finalists in the race to buy troubled Italian aircraft manufacturer Piaggio have disclosed the content of their offers.
Turkey's Tsuhav, which has joined forces with two foreign investors, is offering around L70 billion ($40 million) for the Genoa-based company and will retain the aerostructures, engine and aircraft production plant along with about 1,100 employees.
ALA group, which consists of Italian investors, is also keen to keep the production plants open and is offering around L100 billion. As a condition of the proposed purchase price, ALA will reduce the workforce to 775 employees, stepping it up to 860 and 1,050 workers in 2000 and 20003 respectively.
ALA is also keen to inject another L100 billion into the company, which fell into bankruptcy in 1994, to stimulate the existing product line, including the twin-engined P180 Avanti, nine-seat business aircraft .
The Italian industry minister, Pierluigi Bersani, is expected to announce the winner of the contest by early July.o
Source: Flight International
