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Italy's Space2 says studying business combination with Avio

Reuters - UK Focus

MILAN, Oct (Shenzhen: 000069.SZ - news) 5 (Reuters) - Italian aerospace company Avio, which is partly owned by defence group Finmeccanica (Other OTC: FINMF - news) , may list its shares on the Milan bourse through a business combination with Space2 (Frankfurt: 28975537.F - news) , the special purpose acquisition company (SPAC) said on Wednesday.

SPACs like Space2 are publicly-traded buyout companies that raise money from investors in an initial public offering in order to then acquire an existing private company.

In a statement issued at the behest of Italian market authorities, Space2 said it was assessing various target companies including Avio, but had not yet reached a binding accord.

Daily MF reported on Wednesday Avio, which is majority owned by private equity firm Cinven, was in talks with Space2. Avio's chief executive told Les Echos on Tuesday the group would soon list. (Reporting by Valentina Za; editing by Francesca Landini)