Mubadala may sell Italy firm stake

Mubadala, an arm of the Abu Dhabi sovereign wealth fund, plans to sell the executivejet business of Italy’s Piaggio Aerospace to a state-backed Chinese consortium in a deal that is now under scrutiny by Rome, a source said.

An Italian defence firm such as Piaggio Aerospace must notify the government of any big asset sale, even if it does not involve a defence asset.

Piaggio Aerospace makes the executive turbojet P180, based on a novel design with rear-facing propellers and a small nose wing. Piaggio’s defence and security arm makes surveillance drones adapted from the same basic platform.

Piaggio Aerospace is already owned by Mubadala. It and Piaggio Aerospace both declined to comment.