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Airplanes. Piaggio Aero and transfer of its EVO division: Government uses "Golden Power"

Rome, Italy - The decision taken in the context of the council of Italian ministers of yesterday

The Italian council of ministers, upon request of the Defence Minister, Roberta Pinotti has decided yesterday the adoption of the decree of the prime minister to implement of special power, regarding the procedure of transfer by Piaggio Aero Industries SpA, to PAC Investment SA, of the EVO company division, regarding the complex of activities about research, development, design and sale of aircraft models and services of maintenance, repair and overhaul (MRO) of airplanes, also in connecting to the business and financial plan 2017-2021 of the above mentioned Piaggio Aero- Defence and national security sector. Regarding the operation for the interests of defence and national security, according to the article 1, paragraph 1, of the decree law 15 March 2012, nr 21, the decree orders the exercise of special power through obligation of specific and regulation conditions, in order to ensure the protection of the essential interests of defence and national safety, respecting the principles of proportionality and rationality. The measure predicts a seris of actions of monitoring and control of the respect of the imposed conditions and rules. Ultimately regarding the transfer the council of ministers has decided to exercise the Golden Power, that is a special power to exercise from the Italian Government, that permits to protect and potentially secure a company that has a strategic relevance for the national interest.

fra/pec - 1207925

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