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New Piaggio Shareholder Raises Expectations

New Piaggio Shareholder Raises Expectations

The addition of financially powerful Tata Group of India to the ownership group of Piaggio has increased speculation that the Italian aircraft manufacturer may now have access to the financial resources necessary to pursue development of a business jet.

Acting through its United Kingdom unit, Tata Limited (which has been representing the parent company in Europe since 1907), Tata Group acquired its stake in Piaggio by purchasing a combination of existing shares and some made available through the issuance of new stock. The transaction gives Tata roughly a 33 percent stake in the business aircraft maker, which currently produces the twin-turboprop Avanti P180 aircraft. The deal, which already has been approved by European regulators, makes Tata effectively an equal partner along with Mubadala, the United Arab Emirates-based investment company, and a shareholder group comprising the Ferrari and di Mase families. The price of the deal was not disclosed.

The composition of the Piaggio board of directors reflects the new power-sharing agreement, with each shareholder having three positions. Each partner also gets to name one member of the executive management committee. Day-to-day operations remain under the Italian management team, a provision that is included in the company´s governance agreement.

The full version read at Aviation Week

/ Новости