Malaysian automobile manufacturer Proton sold its 57.57% share of Italian motorcycle manufacturer MV Agusta to Italian investment firm GEVI S.p.A. for the “symbolic” sum of one Euro (about $1.19) yesterday, December 27, according to reports from The Financial Times, appearing on MSNBC.com, and AFP, appearing on Yahoo News. According to the reports, Proton bought controlling interest in bankrupt MV Agusta last December for the price of $82.8 million in hopes of getting into the motorcycle manufacturing business but instead has now essentially given its share to GEVI, which will assume MV Agusta’s debt (about $126 million) and its “working capital requirements” (about $38 million). The sale comes as Proton suffered a $40 million loss in the second financial quarter of 2005, where it had posted a profit of $52 million during the same period of 2004. Much of that negative turnaround is attributed to the debt of MV Agusta. Proton also appointed a new management team in late November, removing the executives who were in charge during the acquisition of MV Agusta. Proton will now focus its corporate efforts on renewing its falling automobile market share in Malaysia, according to the reports. MV Agusta makes and sells motorcycles under the brands MV Agusta, Cagiva and Husqvarna. Read more here”¦ ~http://news.yahoo.com/s/afp/20051227/bs_afp/malaysiaitalyautoprotongevi_051227080426~ and here”¦ ~http://msnbc.msn.com/id/10611755/~