Andy Nativi/GENOA
A group of Italian investors has taken control of general aviation aircraft maker Piaggio in a move prompted by an Italian/Turkish political row.
Aero Trust has acquired a 16% stake in the company from Turkey's Tushav holding group (which previously held 51%), taking its share to 60%. The trust, which acted through the Royal Bank of Canada, represents Italian investors, including the Ferrari, Buitoni and Di Mase families. Remaining shares are owned by other Italian investors, including the CSC Aviation consultancy.
State-owned Tushav, which co-ordinates Turkey's aerospace activities, took control of Piaggio only last November, and surrendered it after a cooling in Italian-Turkish relations over the "Ocalan affair" - Rome having refused to hand PKK leader Abdullah Ocalan to Ankara when he was in Italy.
The move may have wider repercussions for Piaggio, with orders and a capital injection from Tushav in doubt. Piero Ferrari is named president, with Giuseppe di Mase confirmed as chief executive. Tushav stays on the board. It is not clear how the developments will affect partial-flotation plans for next year or the year after.
Piaggio relies on Italian Government work and is keen to win more orders, especially in the USA. It is looking at developing a stretched - and possibly jet-powered - version of the P.180 Avanti, its most popular product.
The company projects a positive result for this year, and a turnover of L166 billion ($90 million), having been removed from Chapter 11 state protection.
Source: Flight International
