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Italy government welcomes GE acquisition of Avio

The Italian government welcomed the acquisition of the aviation unit of aerospace supplier Avio by U.S. giant General Electric , saying on Friday it was a demonstration of Italy's attractiveness to foreign and domestic investors.

GE agreed to buy Avio's aviation division for $4.3 billion from private equity fund Cinven and state-controlled defense group Finmeccanica .

"The operation shows how Italy is becoming a country that is more competitive and more attractive to foreign and Italian investment," Prime Minister Mario Monti's office said in a statement.

(Reporting by James Mackenzie)