Lilli Bertone has handed control of Carrozzeria Bertone to turnaround specialist Domenico Reviglio in return for a 35 percent stake in the reconstituted company. Photo: La Stampa.

Lilli Bertone has handed control of Carrozzeria Bertone to turnaround specialist Domenico Reviglio in return for a 35 percent stake in the reconstituted company. The announcement made this morning confirms an option that she signed on 2nd January after abruptly breaking off negotiations with former Telecom Italia and Zanussi President Gianmario Rossignolo who had been putting the final pieces in place of his own rescue bid.

The deal this morning came together after an intense night of negotiations and was reportedly signed at 8.30AM with Bertone Group issuing a statement just hours later. Bertone Group Chairman, CEO and major shareholder, Lilli Bertone, will hand her 65 percent stake in Carrozzeria Bertone and her 100 percent ownership of the Stile Bertone division to Reviglio, in turn taking a 35 percent holding in the new company that he has formed, which will include the two main Bertone businesses.

The famous century-old Bertone has been driven to its knees after its most recent major engineering assembly contract, to build the last-generation GM Opel Astra convertible model, wrapped up two years ago, and state aid to pay the laid off workers ran out at the end of December at the end of its mandatory period.

However the news doesn't affect the bankruptcy proceedings that got underway on 14th January with a Turin Tribunal putting in motion action to appoint a commissioner to oversee the company before the court meets again on 8th February. During these initial hearings, just over a week ago, the Judge was reportedly unimpressed with Reviglio's proposals to turn the stricken company around.

“I am fully satisfied with this agreement,” said Lilli Bertone. “It represents a fundamental starting point on the basis of which our work to kick start all our activities, from styling to production, can begin. I have fought long and hard for this result, and I have had to steer my way round a veritable obstacle course in the form of people pursuing interests that have nothing to do with the company’s industrial mission, completely ignoring the interests of the workforce, stirring up controversy for instrumental purposes, and exploiting the incomprehensible willingness of certain newspapers to publish falsehoods. Now is the time to turn over a new leaf. The new Bertone begins today. For me this is a personal commitment and I intend to accompany this prestigious Italian brand towards its one hundredth anniversary, restoring it to its rightful place among the great brands of the world.”

However it has been reported that Lilli's two daughters, both minority shareholders in the company, are unimpressed with Reviglio's proposals; since Lilli signed the option with Reviglio on 2nd January they have been communicating with their mother through their lawyers. 39-year-old elder sister Barbara was appointed Managing Director of Carrozzeria Bertone last May but was sacked by Lilli later in the year. They believe that Lilli only owns 20 percent of Carrozzeria Bertone, the other 45 percent is held through a company she doesn't fully control, and they have threatened legal action to prevent the Reviglio deal going through.

Lilli Bertone, who has long stated her desire to secure former husband Nuccio's legacy, and Domenico Reviglio, who was involved in the development of Turin-based Gruppo Prototipo, plan to hold a press conference at Bertone tomorrow at 16:30.