Business – Gevi buys MV Agusta for € 1 –

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Gevi buys MV Agusta for € 1

Business - Gevi buys MV Agusta for € 1 -

Proton turns the page and sells its shares in MV Agusta (Agusta, Cagiva and Husqvarna). For 1 symbolic euro, the Italian company Gevi (Carige group) is preparing to take up a sacred challenge: MV Agusta records 107 million euros in debt…

The takeover in July 2004 of MV Agusta by the Malaysian giant Proton (read) did not last long … And the 70 million euros injected in December 2004 will obviously not have been enough for Proton to revive the three motorcycle brands (MV Agusta, Cagiva and Husqvarna).

According to The Australian, it was the fall in the automaker’s domestic sales and the disappointing results in competition that would have caused the sale of 57.57% of the shares held by Proton in MV Agusta. Last September, however, the brand congratulated itself on its "sales record in Italy and worldwide"…

"January to August", specified the Italian brand,"the MV Agusta group increased its sales by 17.67% on the domestic market and by 17.40% on a European scale. Across the Atlantic, strong performance on the Australian market as the first "Mezzo Cagiva" store opens in JapanAn enthusiastic announcement moderated since by that of the net loss of 34.8 million euros borne by Proton during the third quarter of 2005…

The MV Agusta group will therefore return to its native Italy, on the occasion of the repurchase of Malaysian shares (and debts …) by Gevi Finanziaria. The group’s subsidiary Carige should, according to The Financial Times, increase the capital of MV Agusta by 15 million euros between February and March 2006.

We especially hope that this buyer will find the people able to make the F4, Raptors and other SMs survive and develop. !

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