Aug 6, 2010
© 2014, Roadracing World Publishing, Inc.
From a press release
Claudio Castiglioni (right) and his son Giovanni Castiglioni.
HARLEY-DAVIDSON FINALIZES SALE OF MV AGUSTA
MILWAUKEE, Aug. 6, 2010 -- Harley-Davidson, Inc. (NYSE: HOG) has concluded the sale of its subsidiary, MV Agusta, to Claudio Castiglioni and his wholly owned holding company, MV Agusta Motor Holding, S.r.l., effective today.
Castiglioni is the former owner of the Italian motorcycle maker and has served as MV Agusta's chairman since 2008, when Harley-Davidson acquired the company.
In October 2009, Harley-Davidson announced its intention to sell MV Agusta as part of a new corporate strategy to focus resources on the Harley-Davidson brand. Since then, Harley-Davidson has held discussions with various potential MV Agusta buyers.
"MV Agusta is a proud brand and we wish Mr. Castiglioni and the company's employees well," said Harley-Davidson President and Chief Executive Officer Keith Wandell. "Our decision to divest MV Agusta reflects our strategy to focus our efforts and our investment on the Harley-Davidson brand, as we believe this provides an optimal path to long-term growth."
Harley-Davidson, Inc. is the parent company for the group of companies doing business as Harley-Davidson Motor Company (HDMC), Harley-Davidson Financial Services (HDFS) and Buell Motorcycle Company (Buell).
More, from a press release issued by MV Agusta Motor S.p.A.:
MV AGUSTA IS ITALIAN AGAIN
Varese, August 6th 2010 - Claudio and Giovanni Castiglioni, through their family
holding company have repurchased from Harley Davidson 100% of the shares of
MV Agusta Motor S.p.A. which owns historic brands MV Agusta and Cagiva.
Harley-Davidson announced in October 2009 its intention to sell MV Agusta to
concentrate on its core business and brand.
In connection with the repurchase transaction Lazard and Co. have acted as the
financial advisor along with counsel Alessandro Varrenti (CBA) and Giuseppe
Galeano whom provided legal and tax assistance in conjunction with family
counsellors Giuseppe Carteni (Leadlaw), Andrea Lanata and Sergio Caramella.
Along with Giovanni Castiglioni, the company will be headed by Mr. Massimo
Bordi, a well known Italian manager. A 62-year-old engineer, Bordi took Ducati to
success during the years when that company was owned by the Castiglionis and
continued to manage it successfully under the ownership of Texas Pacific Group.
Since 2003 Massimo Bordi has been the CEO of Same Deutz Fahr, contributing
largely to the success of the company. Massimo Bordi commented that "MV
Agusta has full capacity to once again become a major player in the high luxury
brand motor bikes, this brand is one of the most recognized worldwide. We will
implement a number of reorganization and managerial actions in the near future.
Both the current and new models under development have a very strong
character, great innovative features and a very unique design, I have no doubts
about their future success."
Claudio Castiglioni, the historic intimate soul of MV Agusta will continue as
chairman, and will concentrate on the development of the new products. Upon
signing the agreement with Harley-Davidson, Claudio Castiglioni stated "MV
Agusta is the crown jewel of Italian motorcycles, I am thrilled to have completed
this transaction. I have already won once together with Massimo Bordi, we made
the most beautiful bikes in the world and we will continue with this tradition".