Milwaukee, Wis., July 11, 2008 - Harley-Davidson, Inc. (NYSE: HOG) announced the signing of a definitive agreement to purchase the Italian motorcycle maker MV Agusta Group (MVAG). Under the agreement, Harley-Davidson will acquire 100 percent of MV Agusta Group shares for total consideration of approximately 70 million euros ($109 million), which includes the satisfaction of existing bank debt for approximately 45 million euros ($70 million).
In addition, the agreement provides for a contingent payment to Claudio Castiglioni in 2016, if certain financial targets are met. MV Agusta Group is privately held, with the Castiglioni family owning 95 percent of MVAG shares.
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Tun Dr Mahathir Mohamad comments:
1. Proton bought this Italian motorcycle maker for 70 million Euro (about RM350 million).
2. Its savvy management sold it for 1 Euro (RM5) to an unknown company in Italy.
3. Some months ago Husqvarna, a division of M.V. Agusta which manufactures scrambler sporty off-road motorcycles was sold to a German company, BMW for 90 million Euro (RM450 million). Now the rest of M.V. Agusta has been bought by Harley-Davidson Motor Cycles of the United States for RM350 million.
4. So Proton lost approximately RM800 million selling M.V. Agusta for RM5. The buyer invested one Euro and made 160 million Euro.
5. Do we need a Royal Commission to look into this or should the ACA investigate this matter particularly the role of Credit Suisse who was paid a huge consultancy fee to advise Proton's management who executed it.
6. Or maybe we do not mind losing RM800 million because we have so much money.
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" It quite a surprised to known that something is going wrong with the sale of M.V. Augusta (57.75 %) held by Proton Holdings Berhad previously. Why selling for 1 Euro (RM 5) where by other company are buying it at 70 million euros for 100 % ??? " I'm so curious to know what is really happen to the new management of Proton Holdings Berhad.
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