New bids are welcome for Piaggio Aerospace after talks with a prospective buyer faltered and terms could not be agreed. 

After initial reports by local media outlets, Piaggio Aerospace’s extraordinary commissioner Vincenzo Nicastro met with trade union representatives to confirm the news. “Negotiations have simply stalled, as no binding offer has ever been submitted,” he said.

According to Nicastro, no binding offer was received from the unnamed sole bidder. The bidder had originally been selected in September to begin exclusive negotiations to acquire the company following “long and careful screening”.

“The potential investor made us just aware [of] what the conditions would be for the purchase: these conditions were not consistent with the tender rules they had formally accepted and were linked to events [that were] difficult to realise. In agreement with the Italian Ministry of Economic Development, we decided therefore to start discussions with other parties interested in purchasing the company assets,” Nicastro said in a statement.

In the wake of those developments and in agreement with the Italian Ministry of Economic Development, Nicastro said: “We decided therefore to start discussions with other parties interested in purchasing the company assets.”

Piaggio Aerospace is anticipating tighter deadlines for the next rounds, including due diligence and the submission of binding offers. Details of the bidding process are expected in the next few weeks.

Piaggio appears to be in a stronger position for a new buyer with employment currently numbering around 900 workers and the company completing one of its best financial years in recent history, according to Nicastro. This includes an expected turnover of €150m ($169m) and a €500m order portfolio. In addition, another €180m in orders are in the process of being finalised and should be announced shortly, he said.