In preparation for its take-over by Finmeccanica, Aermacchi has launched a share buy-back from banks and smaller shareholders. The buy-back involves about 2-3% of the shares of Aeronautica Macchi, Aermacchi's holding company.
The negotiations between Finmeccanica, which already has a 25% share of the holding company, and the Foresio family, who own around 70%of the firm are expected to continue despite the failure of wider talks between the Italian state-owned giant and EADS to merge their military and aerostructures activities.
Aermacchi, which is best known for military trainer aircraft like the MB339, was to have been part of the deal as the Italian side pooled the resources of Finmeccanica- owned Alenia Aeronautica with the private company ahead of the wider European consolidation.
The buy-back means the merger discussions can proceed without any disturbance from third parties. However, Finmeccanica and the Foresio family continue to disagree over the price of the acquisition.
Aermacchi reported €248 million ($219 million) turnover in 2001, a 5% increase over the previous year. The company is profitable, but has not released detailed accounts.
Aermacchi has been hit by the general slowdown in the civilian aerostructures market, and is temporarily exploiting the Italian system of keeping part of the workforce at home. They receive their monthly pay from a special state fund instead of the company for up to two years.
Italian flag carrier Alitalia, which also needs to reduce costs, is appealing to the government for access to this fund, which is normally only reserved for manufacturing companies.
The airline is trying to avoid laying off 2,500 workers, and will meet union and government representatives to discuss a possible 10% cut in working time and wages.
Source: Flight International
