GE is getting into EVERYTHING!!!
Fez
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MILAN, Aug 20 (Reuters) - General Electric Co (NYSE:GE - news) of the United States has approached Italy's Piaggio about taking a stake in the motor scooter maker, which is already in talks with U.S. fund Texas Pacific Group, daily Il Sole 24 Ore reported.
The newspaper said General Electric Capital, the financial arm of the industrial giant, had offered to take an initial 30 percent stake and was willing to support Piaggio's plans both financially and through synergies with the U.S. group.
Quoting GE Capital's Italy chief Luca Giacometti, the newspaper said that like Texas Pacific Group, General Electric would eventually want to list Piaggio separately on the bourse.
``Piaggio is without doubt an interesting company and we want to play a definite role encouraging development of products and a wider presence in the key markets,' Il Sole quoted Giacometti as saying.
The newspaper said General Electric had written to Piaggio at the end of last month outlining its proposal.
Meanwhile, Piaggio has been discussing Texas Pacific Group's offer to buy 100 percent of the business for 1.2 trillion lire ($650 million).
``We want to get back in contact with the management, speak to shareholders and possibly also with the unions,' Giacometti was quoted as saying.
In its letter, General Electric said the two companies could achieve synergies through research and development, cost control and distribution. |
