Tuesday, March 2, 2010

Did Tun spend RM 560 million trying to bailout an Italian company?


Dealernews

Cagiva/MV Agusta files Chapter 11

Dealernews | March 1, 2003 Walker, Alastair James | Copyright

The Cagiva-MV Agusta-Husqvarna group filed for the Italian equivalent of Chapter 11 bankruptcy back in November as the company struggled to restructure its 250-million-- euro debt. A court in Varese appointed three administrators to oversee production of MV Agusta F4 machines, reportedly starting in January 2003. MV was hoping that Piaggio's parent company, Deutsche Bank, would rescue Cagiva-MV Agusta this past autumn, but the deal collapsed. David Percival from the U.K. Cagiva-MV importer Three Cross Motorcycles commented, "The indications we have are that a supply of MV Agusta F4 models,…
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Actually even then its stupid because the RM 340 million was used to purchase a 51-56% share in the firm which means the firm gets $0 from this transaction, only the owners profit.

Answer this.

Thanks to Parpukari for showing me the link when he published the comments from MV Agusta. 

Hidup Parpukari!

5 comments:

Anonymous said...

KABOOOM! teruskan pendedahaan bro, aku dah meluat dengan taktik si orang tua ni

Anonymous said...

Dear Tun,

“you have to be careful that everything makes sense from the balance sheet, not just for the passion”
~ Federico Minoli

Extract from http://www.motorcyclistonline.com/features/122_0306_federico_minoli/index.html

AC: OK – but how about Husqvarna? Is it true you’ve been shopping around for a dirtbike manufacturer to give Ducati dealers the offroad product they presently lack in a growing market?

FM: We actually made an offer for Husqvarna back before Christmas, because with the same logic we wanted to acquire Moto Guzzi for, I think Husqvarna is a nice complement to Ducati’s product line, and it would help us also to gain mass in the USA. We have a lot of respect for the product and the brand, and what it represents, and we thought it might also be a way to help Claudio Castiglioni, who at the end of the day I admire as a great product man. But unfortunately this is not the time when you can overpay for something – you have to be careful that everything makes sense from the balance sheet, not just for the passion. So the passion was there, the product was there, but I’m afraid the balance sheet wasn’t there, so we just couldn’t do it.

AC: Did you consider purchasing the whole MV Agusta group from Banca Intesa, which holds the majority of the company’s debt?

FM: Well, I think MV Agusta itself would do so much better in Claudio’s hands – it’s a Super- Niche Product which overlaps the very top end of the Ducati range, so therefore it would not have been interesting for us. We only wanted Husqvarna, and so far we couldn’t get it.

Rajakari said...

TUAN
SAYA MINTAK RIHAT DULU ITU SAYA MANYAK SAKIT HATI BACA INI DULU PUNYA PIEM PUNYA CERITAH. WORANG DUDUK SINI DIA TARA MAO BANTU TAPI DIA WANG JUTA JUTA JUGAK ADA KASI SAMA ITU MAT SALLEH PUNYA WORANG SUPAYA DIA DAPAT NAIK ITU MOTOBIK.

LAIN KALI SURUH DIA BILI SINIDIRI SAJALAH KITA WORANG PUNYA SUSAH MANA DIA TAU!

Are You Gonna Go My Way said...

Wenger,

is that you? If that is you, then you know who i am.What with all this war between you and parpukari? and your non stop lambasting at Tun M..does it serve any purpose at all?

Don't you get tired?.. if you dont. Well I do...maybe other people do too. Life is bigger than whats on your mind...try dig deep inside you and see how deep in can go. Focus, meditate...try it..you feel better.

Wenger J. Khairy said...

Are You Gonna Go My Way,
The answer to your question is quite simple. Tun threw a lot of accusations to KJ/Pak Lah esp in the case of MV Augusta. The duty of the press was to investigate these claims and publish a balanced report that highlights the facts. The press has failed to do so, so it is out of a sense of duty that we have to publish the truth. My only concern is for the truth, and if you can agree that in the MV Augusta case, Pak Lah did the correct thing in hiving the dead weight off the books, then we can proceed to other things.

But we do have a strong anti Tun readership too, shouldn't we consider their feelings ?
just jokin anyhow
........
..point taken