Morgan Grenfell Private Equity, the buy-out fund owned by Deutsche Bank, has accepted a €320m ($370m) rescue deal for Piaggio, the Italian scooter manufacturer, that will allow it to benefit from any upswing in Piaggio's fortunes.

MGPE will contribute €100m of capital, including an additional €15m of cash, to Piaggio in return for 31% of its equity. Roberto Colannino, the Italian entrepreneur, will put in €100m of cash for 31% of equity. Piaggio's lending banks, led by Banca Intesa, will convert €120m of their debt into 38% of the company's equity.