Formula One tire supplier Pirelli will have a Chinese owner. Ferrari styling house Pininfarina could be acquired by an Indian motorcycle manufacturer. The icon of Italian motorbikes, Ducati, is already in German hands, as well as Lamborghini and the most renowned Italian design house of modern times, Italdesign Giugiaro.
Fiat -- now Fiat Chrysler Automobiles -- next month will have its first annual general meeting in Amsterdam after 114 in hometown Turin.
What of the Italian auto industry remains in Italian hands? High-performance braking systems from Brembo, sophisticated LED and laser lights from Magneti Marelli's Automotive Lighting and composite material coil springs from Sogefi.
Unlike other countries, the automotive sector has not been a priority of the Italian government.
So no one should be surprised by the result. Lions eat gazelles not only in the wild.
China National Chemical Corp. is coming to the aid of Pirelli, which is dragged down by excessive debt due to an unsuccessful ride in the telecommunications sector.
Pininfarina lost money in 10 of the last 11 years. Now it's time for India's Mahindra & Mahindra to deal with the creditor banks.
When a global financial crisis dragged down General Motors and the old Chrysler, the U.S. government intervened to save a strategic industrial sector.
France last year became a 14 percent shareholder in PSA Peugeot Citroen. Germany actively protects its auto sector, barking to the European Union every time a proposed new regulation could hurt its automakers. The U.K. started an action plan to boost locally produced parts.
Italy's last move to protect its domestic auto sector? A round of cash for clunkers in 2007 to counteract falling sales after the Lehman Brothers collapse. That year, Italian sales peaked at 2.5 million vehicles. Since then they have almost halved.
At the start of the century, Italy was the fourth largest auto market in the world behind the U.S., Japan and Germany. Last year it did not even make the top 10.