Daimler buys 25% of MV Agusta - update 2

'Strategic partnership'

(ANSA) - Berlin, October 31 - German auto giant Daimler said Friday it was buying 25% of Italian motorcycle maker MV Agusta in a new "strategic partnership. The acquisition is part of a long-term cooperation deal which gives the German car and truck maker access to lightweight three-cylinder engines. Daimler will buy the stake via its AMG performance cars unit and will take a seat on the board of directors at MV Agusta. Daimler did not disclose the financial terms of the deal.
    Cooperation between the two high-end brands will include marketing and sales, Daimler said in a statement.
    Tobias Moers, chief executive of Mercedes-AMG, said: "In MV Agusta, we have found the perfect two-wheel partner for Mercedes-AMG. The partnership provides us with an entry into a world of additional high-performance enthusiasts".
    Giovanni Castiglioni, president and CEO of MV Agusta, said: "Mercedes-AMG will help MV Agusta to further expand globally and to accelerate our growth." The Agusta stake will give Daimler access to a range of high-performance three-cylinder engines which the Italian company has developed for its superbikes.
    The partnership is subject to the approval of the relevant authorities, expected to be granted in late November.


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