BMW buys "a piece of" MV Agusta

[okow]

Dont say this is irrelevent as this purchase is by BMW.... Remember MV Agusta? The Italian motorcycle giant that was onced owned by Proton which was then sold for a mere 1 euro. That controversial sale had our former PM Tun Dr Mahathir jumping mad and questioned the reasons behind it... well, read further... .....And that only for a small portion of the total MV Agusta Group Tengku Mahaleel One of the world’s most successful car company BMW buys a piece of MV Agusta Company for euro 93 million. An astonishing equivalent of RM 446.4 million. The contract was signed on 19th July in Varese Italy by Dr Herbert Diess, General Director of BMW Motorrad and Claudio Castiglioni, President of MV Agusta Group. Commenting on BMW’s decision to acquire Husqvarna, he said “ With the Husqvarna models targeted at the sporty competition, we will be able to extend the BMW Motorrad range to include younger groups of customers as well as the entire off-road and supermoto sector much more quickly and effectively than with our core brand alone. This transaction also provides us with direct access to a worldwide sales network in the off road segment.” A sophisticated company investor like BMW after due diligence is buying only a piece of the MV Group ( only the use of the Husqvarna brand and the production site in Cassinetta) for RM 446.4 million – about RM 336 million for debt assumption and RM 110.4 million cash. MV Agusta will still keep the other two brands ( MV Agusta & Cagiva ) and one production site at Schiranna and one CRC Research center in San Morino. Remember Proton had sold its entire 54% stake to Gevi for 1 Euro and since then nothing particular happened in order to increase its value.(Sales didn’t increase, they were no new products nor new patents ) Yet a part of MV Group fetched Euro 93 million. At that time Proton was advised by Credit Suisse First Boston, one of the world’s foremost consulting & financial Group. In this deal MV Agusta was advised by Progman Group & Borghesi Colombo & Associates. Much was said of the old management and also the Advisor for buying MV Group for Euro 70 million. Now BMW just bought one brand and a plant for Euro 93 million. Some estimate that the current value of MV & Cagiva plus the other plant & Research Center is still worth up to Euro 150 million! Maybe BMW knew something which Proton’s Chairman & Board including Chairman of Audit Committee & advisors didn’t? Chairman of Audit Committee Encik who used to run audit meetings till 3 a.m in the morning has a lot to answer to shareholders? This situation speaks a million words on our Leader & his Cabinet...all the hot air on transparency, war against corruption, etc....The MV story adds up to the “rotten smell” TDM mentioned this morning of our country.

 

[KennyG]

Sigh....What's new man..

 

[E46Fanatic]

TDM and Mahaleel were furious when Proton sold off their stake for 1 Euro. Proton made it look like a smack on their faces at that time for poor judgement and bad decisions.

Now, after a few months, we know who was more competent and forward looking.... and who's the idiot...

Proton management at its finest...

 

[fabianyee]

As was discussed in various blog, it's hard to assess the true situation as there are liabilities taken on by MV Agusta even before Proton took it over... Question is not really why it was sold for nominal fee of 1 euro, question is why did proton ever bought it in the first place knowing it will risk of burdening the huge liability..

It was sold becos Proton realized later that they can't afford to keep pumping money in to pay off debt after the takeover.

No one would give a damn if Proton is not a GLC cos it wouldn't involve people's money. But the fact that it's a GLC, the people's hard-earned money are indirectly involved in the loss making deal.

 

[E46Fanatic]

I read the paper this morning on how Proton expects that the new Persona (Gen2 sedan) will capture back 40% of the market share which the Wira once had. Sounds like they are hoping this model will turn the company around.

Good luck Proton!

 

[berserkdroid]

I read the paper this morning on how Proton expects that the new Persona (Gen2 sedan) will capture back 40% of the market share which the Wira once had. Sounds like they are hoping this model will turn the company around.

Good luck Proton!

...or send it straight into the grave...

 

[BlackCat]

...

Dont say this is irrelevent as this purchase is by BMW....

Remember MV Agusta? The Italian motorcycle giant that was onced owned by Proton which was then sold for a mere 1 euro. That controversial sale had our former PM Tun Dr Mahathir jumping mad and questioned the reasons behind it... well, read further...


.....And that only for a small portion of the total MV Agusta Group

Tengku Mahaleel

One of the world’s most successful car company BMW buys a piece of MV Agusta Company for euro 93 million. An astonishing equivalent of RM 446.4 million.

The contract was signed on 19th July in Varese Italy by Dr Herbert Diess, General Director of BMW Motorrad and Claudio Castiglioni, President of MV Agusta Group.

Commenting on BMW’s decision to acquire Husqvarna, he said “ With the Husqvarna models targeted at the sporty competition, we will be able to extend the BMW Motorrad range to include younger groups of customers as well as the entire off-road and supermoto sector much more quickly and effectively than with our core brand alone. This transaction also provides us with direct access to a worldwide sales network in the off road segment.”

A sophisticated company investor like BMW after due diligence is buying only a piece of the MV Group ( only the use of the Husqvarna brand and the production site in Cassinetta) for RM 446.4 million – about RM 336 million for debt assumption and RM 110.4 million cash.

MV Agusta will still keep the other two brands ( MV Agusta & Cagiva ) and one production site at Schiranna and one CRC Research center in San Morino.

Remember Proton had sold its entire 54% stake to Gevi for 1 Euro and since then nothing particular happened in order to increase its value.(Sales didn’t increase, they were no new products nor new patents ) Yet a part of MV Group fetched Euro 93 million.

At that time Proton was advised by Credit Suisse First Boston, one of the world’s foremost consulting & financial Group. In this deal MV Agusta was advised by Progman Group & Borghesi Colombo & Associates.

Much was said of the old management and also the Advisor for buying MV Group for Euro 70 million. Now BMW just bought one brand and a plant for Euro 93 million. Some estimate that the current value of MV & Cagiva plus the other plant & Research Center is still worth up to Euro 150 million!

Maybe BMW knew something which Proton’s Chairman & Board including Chairman of Audit Committee & advisors didn’t?

Chairman of Audit Committee Encik who used to run audit meetings till 3 a.m in the morning has a lot to answer to shareholders?

This situation speaks a million words on our Leader & his Cabinet...all the hot air on transparency, war against corruption, etc....The MV story adds up to the “rotten smell” TDM mentioned this morning of our country.

KILL THEM ALL AND FEED THEM TO THE PIGS!!!!!!!!!!!

 

[jarance]

KILL THEM ALL AND FEED THEM TO THE PIGS!!!!!!!!!!!

Please lah.. Have some sympathy on the animal.. They are feed enough crap and feeding them with the above would worsen their misery.. :burnout:

 

[BlackCat]

Please lah.. Have some sympathy on the animal.. They are feed enough crap and feeding them with the above would worsen their misery.. :burnout:

LOL LOL LOL.....:21: Thats a good bro....