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Aug 4, 2001

Corrected Post: Piaggio Buys 20 Percent Of MV Agusta, And May Take It Over Completely

Note: This post, originally posted 7/24, contained an incorrect conversion of Lire to U.S. dollars. The conversion is corrected here.<BR><BR>Piaggio Holding SpA bought 20 percent of MV Agusta SpA in a July 24 agreement which may eventually lead to MV Augusta being integrated into Piaggio.<BR><BR>Piaggio, which is controlled by Morgan Grenfell Private Equity, recently bought Derbi.<BR><BR>MV Agusta built 23,000 motorcycles in 2000, with sales worth 240 billion Lire ($109,479,120 U.S.). Piaggo sold 480,000 vehicles under the Piaggio, Vespa and Gilera brand names in 2000, worth 2006 billion Lire ($915,062,978 U.S.).<BR><BR>According to a press release issued by MV Agusta, the agreement with Piaggio may be "representing the first step towards a possible further integration of the two companies which will allow from now on to put together two important and perfectly complementary and functional experiences in order to launch successful enterprises."