Business – Agreement between Piaggio and Aprilia – Used APRILIA

Agreement between Piaggio and Aprilia

Business - Agreement between Piaggio and Aprilia - Used APRILIA

Barring a last-minute twist, it is ultimately Piaggio who should win the battle for the buyout of Aprilia: according to a preliminary agreement signed today between the two companies, Piaggio will buy back 100% of Aprilia’s shares..

The two companies finally signed a preliminary agreement this morning providing for the repurchase by Piaggio of 100% of Aprilia shares. The agreement must still receive the approval of the creditor banks of Aprilia (read), which should take place by the end of September.

Piaggio, who wishes "create a large national two-wheeler hub able to face the Japanese competition, while preserving Aprilia’s assets and human and professional heritage", was in particular in competition with Ducati, whose offer had been rejected at the beginning of the month (read).

Under the terms of the preliminary agreement, the group controlled by IMMSI and headed by Roberto Colaninno, former boss of Olivetti and Telecom Italia, undertakes to subscribe to a capital increase of 50 million euros for Aprilia, to convert 110 million euros in bank loans, restructure 70 million euros in credit lines and fully repay an issue of 100 million euros of Aprilia bonds, in parallel with the issue of 100 million euros of ‘Piaggio bonds.

With a financial commitment of around 400 million euros, "it is essential that the creditor banks intervene", specifies Roberto Colaninno, stressing for all intents and purposes that Piaggio’s accounts"are in order"and allow him to complete this acquisition."There will be no reduction in the scope of activity or relocation", finally assured the boss of the group in an interview with the Italian daily Il Sole 24 Ore.


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