Leonardo, formerly of Finmeccanica, reports Il Sole 24 Ore, could intervene to resolve the difficult situation facing Piaggio Aerospace, the company 100% controlled by the sovereign wealth fund of the United Arab Emirates, Mubadala.
According to rumors, Leonardo would acquire 50% of Piaggio, or half of Abu Dhabi's stake. The Leonardo group has denied the operation even if it is not excluded that this is one of the hypotheses of the government to avoid the liquidation of Piaggio.
Piaggio Aero, known for its P 180 executive jet, has 1.200 employees and has been in a long-term contracting crisis. He focused a lot on the military drone P.1HH but suffered because of the costs and the longer times for the realization.
From 2014 to 2016 1 'company has accumulated 438 million of net losses. Piaggio has put in place a new drone, the P.2HH, with the aim of selling it to both the emirates and the Italian Air Force for a cost of 766 million euros that should be taken over by the Italian government and paid in 15 years , for the development and purchase of 20 aircraft and 10 ground stations. The same sum would be assured by Abu Dhabi. Now it will have to decide the current Parliament also in light of the general indications of the maggiornaza to cut costs for the Defense.
These slowdowns, however, annoyed Abu Dhabi, which would have sensitized Italian politicians and military so that Leonardo joins Piaggio. Abu Dhabi is also using a rougher line, making it clear that they could block negotiations in the Emirates of important orders in the defense sector to Fincantieri and to Leonardo itself. Commercial relations with Eni in gas and oil were also mentioned.