Finmeccanica’s management is to present a business plan for its proposed acquisition of a stake in Sukhoi Civil Aircraft (SCAC) to its shareholders for approval by the end of this month.
According to a memorandum of understanding signed in August, the Italian group, through its Alenia Aeronautica division, whould take a stake of about 25% in SCAC, which Sukhoi set up in 2000 to manage all its civil programmes and which is developing the Russian Regional Jet (RRJ).
A 25% stake in SCAC is estimated to be worth $250 million. Through the stake – the maximum a foreign investor is allowed under Russian law – Alenia Aeronautica is likely to provide marketing and maintenance assistance for the RRJ, plus design, development or manufacturing consulting. Foreign investments are needed for the RRJ programme to go ahead. The expected development cost is $500-600 million, and the promised Russian state aid has not been confirmed, with government representatives quoting figures ranging from $350 million over two years (2005-6) to $301 million over three years (2005-7).
PINO MODOLA/GENOA
Source: Flight International
