Daimler takes 25 pct stake in Italy's MV Augusta
BERLIN (AP) — Daimler says it is taking a 25-percent stake in Italian motorcycle maker MV Augusta for an undisclosed amount.
Daimler AG said Friday that its Mercedes-AMG subsidiary will acquire the stake as part of a long-term cooperation agreement that also will see the companies work together on marketing and sales.
Mercedes-AMG will appoint one member of MV Augusta's board of directors under the deal and Daimler says it expects to have authorities' approval for the transaction in late November.
Mercedes-AMG chief executive Tobias Moers says the deal will give the company "an entry into a world of additional high-performance enthusiasts."