Greece protests Italy’s unnotified sale of Piaggio Aerospace to Turkish giant Baykar

Greece has expressed strong dissatisfaction over Italy’s decision to sell Italian aviation giant Piaggio Aerospace to the Turkish defence company Baykar without prior notification.

Athens is now preparing a formal protest dossier to be submitted to Rome, Caliber.Az reports via Turkish media.

The Greek newspaper Kathimerini highlighted that Athens had already raised concerns over the potential sale of Meteor air-to-air missiles to Türkiye and is now voicing similar objections regarding Piaggio Aerospace’s transfer to Baykar.

The report emphasized that Greek officials were particularly disturbed by the lack of prior communication from Italy and are citing an EU regulation that mandates member states to notify others when foreign investment companies acquire significant assets within the bloc.

Greek Prime Minister Kyriakos Mitsotakis recently met with French President Emmanuel Macron on the sidelines of the EU leaders’ summit in Brussels on February 4, where he reiterated Greece’s interest in being informed about the sale of Meteor missiles to Türkiye. However, sources indicate that while Athens will continue monitoring the situation, it does not intend to intervene in the transaction.

Baykar, a leading Turkish defence company, reached a preliminary agreement with Piaggio Aerospace on January 27, finalizing the transfer of the company’s business complexes. The deal includes the facilities of Piaggio Aero Industries and Piaggio Aviation, both operating under the Piaggio Aerospace brand. It is separate from the Piaggio company known for producing Vespa scooters.

Piaggio Aerospace had been under government-appointed special administration since 2018, following its request for creditor protection. Italy’s Ministry of Industry confirmed last month that Baykar’s offer was chosen over two other final and binding bids from international competitors. The Turkish company's proposal was deemed the most suitable for safeguarding the interests of Piaggio Aerospace’s workers and creditors while ensuring the company’s industrial revival.

Baykar has become a key player in Türkiye’s defence and aerospace sectors, earning global recognition for its Bayraktar TB2 combat drones, which have been widely used in conflicts in Ukraine, Azerbaijan, and North Africa. 

A report from the US-based think tank Center for a New American Security reveals that Türkiye controls 65 percent of the global drone export market. Of this, Baykar accounts for nearly 60 percent, which is three times the market share of its closest US competitor.

By Tamilla Hasanova