Malaysia's state-owned carmaker Proton stated on Tuesday it has sold its controlling stake in debt-ridden motorcycle maker MV Agusta SpA to Italian based company, Gevi Spa, for a token sum of one euro - about 70p in UK currency.
In taking over the 57.75 percent stake in MV Agusta, Gevi will assume the group's restructured debts of 106.9 million euros and provide working capital requirements of 32.5 million euros, it said in a statement.
Proton said the sale of the Italian motorcycle firm, which it bought a year ago, for over 70 million euros, was part of a new strategy of divesting non-core assets. Proton is expected to be sold to VW-Audi group in the near future, according to speculation in the business press.
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