China consortium eyes executive-jet firm

Source:Reuters Published: 2017/9/27 21:33:39

An Abu Dhabi sovereign wealth fund plans to sell the executive-jet business of Italy's Piaggio Aerospace to a State-backed Chinese consortium in a deal that is now under scrutiny by Rome, a source familiar with the matter said.

An Italian defense company such as Piaggio Aerospace must notify the government of any big asset sale, even if it does not involve a defense asset.

Piaggio Aerospace makes the executive turbojet P180, based on a novel design with rear-facing propellers and a small nose wing.

Piaggio's defense and security arm makes surveillance drones adapted from the same basic platform.

Piaggio Aerospace is already owned by a foreign state investor, Abu Dhabi fund Mubadala.

Posted in: COMPANIES

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