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Banks at work on Avio listing - source
March 20, 2012 / 4:32 PM / 6 years ago

Banks at work on Avio listing - source

MILAN, March 20 (Reuters) - Banks have restarted to work on plans to list Italian aero-engine parts maker Avio, with a view to a possible initial public offering (IPO) in June if market conditions remain positive, a source close to the matter said.

“Banks are working on it and are looking to define a more precise timing. A bourse listing before the summer, in June, is likely if current market conditions persist,” the source told Reuters, confirming press reports.

“They are all quite convinced that this time the IPO will be done,” the source said.

Avio and its controlling shareholder Cinven declined to comment.

Daily Il Messaggero said on Tuesday that Avio, in which Finmeccanica SpA has a 14 percent stake, had met with banks to discuss a listing by June or July.

The newspaper said Avio would raise between 400 million euros ($529.7 million) and 500 million by floating a 25 percent stake through the issue of new shares.

In October Avio halted filing procedures for an initial public offering of its shares, citing market volatility.

Avio has attracted bid interest from French aerospace and defence group Safran SA.

Il Messaggero said a takeover of Avio by Safran could meet opposition from the Italian government.

There have also been contacts in recent months over selling a stake to private equity funds, such as CVC and Clessidra, as well as to state-backed Fondo Strategico Italiano, sources close to the situation have said.

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