Subscribe Free
in Defence / Business Aviation / Business & Finance

Mubadala completes 100% takeover of Piaggio

Posted 18 September 2015 · Add Comment

Mubadala has become the 100% owner of Piaggio Aerospace, the maker of the Avanti turboprop and more recently the unmanned P1 HammerHead (P1HH) reconnaissance platform.



Piero Ferrari – head of the famous automotive manufacturer which bears his family name – sold his remaining 1.95% shareholding to the Abu Dhabi investment business.
Ferrari had rescued the ailing Italian in 1998 and had then sold shares to India’s Tata and the UAE’s Mubadala.
Piaggio revamped the Avanti twin pusher into the Avanti Evo two years ago and was widely expected to launch a business jet variant.
It is understood that the jet project has been put on ice while the company continues to develop the military UAV, HammerHead.
The P1HH has already been bought by the Italian military and is being pitched to the UAE.
 

* required field

Post a comment

Other Stories
Advertisement
Latest News

AACO Executive Committee 80th meeting in Beirut

AACO Executive Committee held its 80th meeting in Beirut, Lebanon under the chairmanship of Saleh Al Jasser, Director General of Saudia and the Chairman of AACO Executive Committee.

Oman Air successfully tests crisis procedures

Oman Air has successfully completed a crisis simulation exercise to test the airline's emergency response plans and procedures.

Bahrain all set to unblock the Combi

Visitors to next year's Bahrain International Airshow could well get their first view of the new PEMCO B737-700FC FlexCombi. Barbara Saunders reports.

Turkish Airlines to order 20 + 20 787-9 Dreamliners

During Turkish President Recep Tayyip Erdoğan's visit to New York to join the United Nations General Assembly, Boeing and Turkish Airlines announced a commitment to order 40 787-9 Dreamliners.

Abu Dhabi Airports achieves 65% increase in operating profit this year

Abu Dhabi Airports has announced that it has achieved 65% increase in earnings before interest, depreciation and amortization (EBIDA)/ operating profit during the January-August period this year compared to the same period in 2016.

University of South Wales to deliver engineering degree courses in UAE

The University of South Wales (USW) is to deliver degrees to aerospace engineering students as a key partner at the UAE's new Dubai South development.

Kuwait Aviation SK1909310118
See us at
AIMA Africa 2017DIAC BT1105121117AIME BT1204240118Global Aerospace BT28218DAS BT1105161117Commercial Aircraft Financing BT2017DASAS BT3006161117Aviation Africa BT18418Aviation Show 267291117