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Clarification on the operation of the Italian bus sector. With regard to the sale of its stake in Industria Italiana Autobus to Seri Industrial Spa on June 19, 2024, Invitalia and Leonardo confirm that the offer of Seri Industrial Spa was found to be the only one that complies with the provisions of the transfer procedure after a process involving numerous potential Italian and foreign bidders, with the assistance of KPMG and Studio Legance. The note recalls that, at a meeting with social partners, the Italian Ministry of Commerce and Manufacturing requested a supplementary analysis aimed at verifying the possibility of integrating the industrial plan of Seri Industrial Spa with that of another consortium of entrepreneurs. The latter made a non-integrated, conditional alternative offer that did not comply with the transfer process and also proved to be more costly economically. Invitalia is required by law to sell its stake after 5 years from its creation and, in the absence of an industrial shareholder, the only alternative to a sale would be to liquidate the company.
Invitalia, the note also recalls that, taking into account the critical issues identified during the transfer process, at the request of the Ministry, it has agreed to maintain a 2% share of the share capital through a shareholders’ agreement, aimed at monitoring the progress of the transfer. The industrial plan is aimed at restarting society. In particular, taking into account the fundamental public interest, Invitalia’s role focuses on any operations that are detrimental to the social interest or constitute a violation of the transfer agreement.
Among other things, the agreement commits Seri Industrial not to transfer or dispose of the company or significant production assets and provides for the protection of current employment levels. Seri Industrial also expressed interest in developing international partnerships to accelerate technological innovation and the transition to sustainable mobility.
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