A year after it aquired a 58% stake in ailing MV Agusta, Malaysian carmaker Proton Holdings is unloading the Italian motorcycle company. It sold the motorcycle company to Italy's GEVI SpA for a single Euro. However, GEVI also agreed to acquire the $107 million of debt associated with MV.
Though one of the most prestigious brands in motorcycling with a distinguished racing history, MV has been struggling to make a profit selling its pricey sportbikes. Despite steadily rising sales, it's still hobbled by a large debt. It also owns the Cagiva and Husqvarna motorcycle brands.
Proton has been struggling with a decreasing share of its home automobile market and is currently divesting itself of none-core businesses. MV certainly falls into that category.
The following articles have additional details:
The Edge Daily, Malaysia
Malaysia Star, Malaysia
New Straits Times, Malaysia
Agenzia Giornalistica Italia
Business Times, Malaysia