Wikipedia says Fiat owns 50% of VM Motori. <!-- /firstHeading --><!-- bodyContent --><!-- tagline -->
_____________________________________________________________________________________________
From Wikipedia, the free encyclopedia
<!-- /tagline --><!-- subtitle -->
<!-- /subtitle --><!-- jumpto -->
VM Motori S. p. A. is a
diesel engine manufacturing company in
Cento,
Italy, in
Emilia-Romagna, an Italian region which is also home to
Ferrari,
Lamborghini,
Maserati,
Pagani and
Ducati.
History
VM Motori was founded by two entrepreneurs, Claudio Vancini and Ugo Martelli (hence the
"VM") in 1947.
VM merged with
Stabilimenti Meccanici Triestini in Trieste in 1971, then
Finmeccanica took a majority stake in the combined company.
In 1989, Finmeccanica restructured, selling its stake in VM Motori to company managers and Midland Montague in a
leveraged buyout, leaving the company with its single
Cento plant.
Detroit Diesel Corporation (DDC) bought VM Motori in 1995.
In 2000 the
DDC was purchased by
DaimlerChrysler AG.
In 2003,
Penske Corporation purchased a 51% stake in VM Motori; in 2007, Penske bought the remaining 49% from DaimlerChrysler and subsequently sold 50% of it to
General Motors.
[1] As of 2007, both deals were awaiting European regulatory approval and the value of the deal was not known.
In September 2008,
GAZ Group announced plans to purchase a 50% stake from Penske Corp.
[2] but ultimately cancelled them in February 2009.
[3] January 11, 2011 Italian newspaper Corriere della Sera published news that Fiat S. p. A. is about to purchase 50% stake from Penske.
[4] In February 11 Fiat Powertrain Technologies confirmed it has bought the 50 percent stake.
[5]
http://en.wikipedia.org/wiki/VM_Motori