Piaggio Aerospace sale of commercial aircraft division to Chinese investment fund delayed after Italian government exercises 'golden power' provisions
Piaggio Aerospace's sale of its commercial aircraft division to a Chinese investment fund is to be delayed after the Italian government exercised the so-called "golden power" provisions on national security grounds, Italian-language daily La Repubblica reported. The report cited the Italian Minister of Defence Roberta Pinotti who said that the sale would only take place after it was ascertained that the sale would not affect national security and the potential loss of industrial know-how.
The report, without citing sources, said that the more likely motive to the suspension of the sale was a desire to protect jobs at the commercial division, which manufactures the P180 executive jet.
The report added that Abu Dhabi sovereign wealth fund Mubadala, which owns Piaggio Aero, is pushing for the sale of the commercial aircraft division