Reuters: Private Equity: Italy state-backed fund interested in Avio

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Italy state-backed fund interested in Avio Apr 18th 2012, 17:03 ROME, April 18 | Wed Apr 18, 2012 1:03pm EDT ROME, April 18 (Reuters) - Italian state-backed fund Fondo Strategico Italiano said on Wednesday it was interested in investing in aero-engine parts maker Avio, in which Finmeccanica has a 14 percent stake. "Avio operates in a strategic sector, and we are following the dossier with great interest," Fondo Strategico Chief Executive Giovanni Gorno Tempini told a news conference. He said the fund, which has a fundraising target of 7 billion euros ($9.2 billion) but has not yet finalised any deal, was busy on various fronts and the first investments could be announced by the summer. A source close to the matter said in March that banks had restarted work on plans to list Avio, with a view to an initial public offering in June if market conditions remained positive. Avio, controlled by private equity fund Cinven, had also attracted bid interest from France's Safran. At a news conference, Tempini did not say if the fund was interested in other assets that Finmeccanica may sell, such as its rail technology affiliate Ansaldo STS or its unprofitable train-making unit AnsaldoBreda. Press reports have said Fondo Strategico could buy stakes in units that the Italian aerospace and defence company wants to sell to streamline its operations and avoid a credit rating cut. Link this Share this Digg this Email Reprints

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