Shame to the Proton Board of Directors............

Cagiva is an Italian motorcycle manufacturer. It was founded in 1950 by Giovanni Castiglioni in Varese, originally producing small metal components. It went into the motorcycle industry in 1978. The name is a portmanteau derived from the founder and the founding location, (i.e. CAstiglioni GIovanni VArese.) Cagiva purchased the MV Agusta name trademarks in 1991 and in 1997 it introduced the first new MV Agusta motorcycle.

MV Agusta is a motorcycle manufacturer founded in 1945 near Milan in Cascina Costa, Italy. MV Agusta was founded in 1907 by Count Giovanni Agusta as an aircraft manufacturer. Motorcycle production began after the Second World War, alongside that of helicopters. From the 1950s, his son, Count Domenico, determined to build the world's fastest racing motorcycles.

But after Count Domenico's death in 1971 and with increasing competition from Japan both on and off the race track, MV Agusta slid into years of decline, financial difficulties and bankruptcy. The marque was resuscitated in the mid-90s after its purchase by Cagiva, another Italian motorcycle maker.

In 1999 for strategic purposes, the company got restructured. MV Agusta Motor became the main brand comprising Cagiva and Husqvarna. The company currently operates under the name MV Agusta S.p.A.

Purchase and Sale by Proton

Heavily indebted, the manufacturer was bought by Malaysian carmaker Proton in December 2004 for 70 million euro. In December 2005 however, Proton decided to cut its ties with MV Agusta and sold it to GEVI S.p.A, a Genoa-based financing company related to Carige, for a token euro excluding debt.

In 2006 the financing company, GEVI S.p.A, with 65% of the share capital, had refinanced MV Agusta, and by so doing allowed the company to continue, and brought MV Agusta ownership back to Italy.

Husqvarna sale to BMW

In July 2007 MV Agusta Motor S.p.A, sold the Husqvarna motorcycle brand to BNW Motorrad for a 90 million Euros. According to MV Agusta president Claudio Castiglioni, the sale was a strategic step to concentrate all of the company's resources in order to expand MV Agusta and Cagiva presence in the international markets having more financial resources for new models development.

Acquisition by Harley-Davidson

On July 11, 2008 Harley-Davidson announced they had signed a definitive agreement to acquire the MV Agusta Group for 70 million Euros ($109 million USD). The acquisition is expected to close in the coming weeks.

Jim Ziemer, chief executive of Harley-Davidson, said: “Motorcycles are the heart and the soul of Harley- Davidson and MV Agusta. They make great products and have a close relationship with an incredibly faithful group of customers.

“MV is synonymous with very beautiful Italian motorcycles of superior quality. The acquisition of MV Agusta will enable us to strengthen the position of Harley-Davidson as a global leader that aims to turn its clients' dreams into reality by offering them an extraordinary experience.”

From this article and research that I have done, truly is not worth of 1 Euros (RM 5) to be sold off. What ever happen to current Proton Holdings Berhad management, it seems to be they are steping in the wrong way.

Today the truth has come out and I understand now why all the time Tengku Mahaleel and Tun Dr Mahathir Mohamad defend and objected the sales of M.V Agusta. Shame on our current Proton Boards of Directors and shame also to our current Prime Minister Dato' Seri Abdullah Ahmad Badawi.