Analysts are scratching their heads about why Belgian car company D’Ieteren NV is buying a 41% stake in Moleskine and making a bid for the remainder of the company. According to Bloomberg, D’Ieteren began as a wheel-making plant in 1805. After this news, Moleskine shares went up by 13%, while D’Ieteren plummeted by as much as 7.3%.
One Belgian analyst makes the case that the Belgian car market is oversaturated, which is why D’Ieteren is trying to diversify. “There are too many cars in Belgium,” Matthijs Van Leijenhorst at the firm Kepler Cheuvreux told Bloomberg. “The country is one big traffic jam.”