P.M. BRIEFING : Beretta Allows GM to Use Name
The battle of the Berettas ended today with an exchange of guns and a car.
Pier Giuseppe Beretta, chairman of the weapons maker Fabbrica D’Armi Pietro Beretta S.p.A., and General Motors Chairman Roger Smith signed an agreement allowing GM to use the Beretta name for the Chevrolet Beretta car.
In exchange, the auto maker agreed to donate $500,000 to the Beretta Foundation for Cancer Research and Treatment.
The 463-year-old Italian company sued GM last year over use of the Beretta name after the automobile was introduced in 1987.
During today’s signing ceremony in Italy, Smith presented Beretta with a Chevrolet Beretta GTU Coupe, which carries a base price of $15,610 before a $1,000 rebate. In return, Beretta gave Smith a rifle and a shotgun.
A statement issued here by GM didn’t say how much the weapons were worth.