Mubadala takes con­trol of Pi­ag­gio Aero

SP's MAI - - CORPORATE -

Abu Dhabi-based in­vest­ment and de­vel­op­ment com­pany Mubadala has be­come the ma­jor­ity share­holder in Pi­ag­gio Aero, the Ital­ian man­u­fac­turer of the fast tur­bo­prop the Avanti II and the Ham­mer­head UAS. Mubadala bought out the shares held by In­dia’s Tata and has re­ceived for­mal Ital­ian Govern­ment ap­proval ac­cord­ing to the “Golden Power” law. Mubadala now holds 98.05 per cent of the share cap­i­tal of Pi­ag­gio Aero In­dus­tries and Piero Fer­rari, on be­half of the Fer­rari fam­ily, holds the re­main­ing 1.95 per cent.

Mubadala has been a share­holder in Pi­ag­gio Aero since 2006. In 2013, it par­tic­i­pated in a share cap­i­tal in­crease which in­creased the eq­uity of Pi­ag­gio Aero to sup­port the re­struc­tur­ing and di­ver­si­fi­ca­tion plan fo­cused on the de­vel­op­ment of ex­ist­ing core ac­tiv­i­ties and new pro­grammes in line with in­dus­try re­quire­ments.

Fol­low­ing the trans­fer, Piero Fer­rari has stepped down as Chair­man of the com­pany and is suc­ceeded by Al­berto Galassi, who has been CEO of the busi­ness since 2009 and led the move to di­ver­si­fi­ca­tion into the de­fence and se­cu­rity sec­tor, de­vel­op­ing both the multi-role pa­trol air­craft and the P.1HH Ham­mer-Head un­manned aerial sys­tem.

The com­pany also named Carlo Logli as the new CEO. Logli is cur­rently the Chief Re­struc­tur­ing Of­fi­cer of Pi­ag­gio and is the for­mer CEO of Su­per­Jet In­ter­na­tional.

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