Post
by sn26567 » 24 Apr 2017, 20:28
Sukhoi Civil Aircraft (SCAC) bought 41% of SuperJet International for 1 euro
The Sukhoi Holding fully consolidated the management of the main production programs for the Sukhoi SuperJet 100 aircraft. Sukhoi Civil Aircraft (SCAC) bought out 41% of the structures of the Italian Leonardo-Finmeccanica in SuperJet International (SJI), which supplies the aircraft abroad. The Italian side has retained 10%, writes Kommersant newspaper.
In a report published on April 21, JSC Sukhoi Civil Aircraft (owned by PJSC Sukhoi, a member of the United Aircraft Corporation-UAC) under IFRS for 2016 reported that Sukhoi fully consolidated the main production programs of SSJ 100, based on the structures of the Italian Leonardo-Finmeccanica. At the end of March, the SCAC for € 1 acquired 100% of Wing Ned B.V., owning 41% of shares in SJI (JV Sukhoi and Finameccanica company Alenia Aermacchi), which promotes the aircraft abroad. Sukhoi was received back 100% of the SCAC in December 2016, after buying out 5.53% of shares from Leonardo's company World's Wing.
The fact that Leonardo-Finmeccanica can minimize participation in SJI was reported by Kommersant on June 17, 2016: it was assumed that the Italians would transfer to the UAC structures 41% of their controlling interest, retaining only 10% (with the possibility of subsequent sale of this package) . But the scheme also implied that the Russian side through Sukhoi will return the accumulated debt of the SCAC and SJI to Finmeccanica - about € 135 million at the end of 2015, as well as cover the cost of staff reduction and pay the rest of the interior design of the aircraft for a total of not less than € 25 million
A source specified that the total amount of payments turned out to be "substantially less than the original", having been reduced by clarifying the contribution of participants to the project. Leonardo-Finmeccanica re-addressed Kommersant's questions to UAC, where they declined to comment, but noted that SJI "remains an independent legal entity registered in Italy with an independent board of directors."
Source: Russian Aviation
André
ex Sabena #26567