A German company buying an Italian company has nothing to do with emerging markets. They get no additional access to those markets with that type of merger, the ideal partner has to have capital and also access to growing markets from within. Selling into emerging market can be profitable but only limited because of trade restrictions and high tariffs.

Hero is the likely candidate, but they have a huge gap between offerings, but certainly have all the capital they need to make it work, it would take time to do that. Their ability to do that or the actual real world probability of failure to do that lowered the stock value.

India is the place to manufacture motorcycles, they allow foreign investor as wholly owned operations. Honda operates HMSI independently in India.

When a company is removed from the stock market, it is being downgraded to what is referred to as Junk Bonds. It’s actual real stock value lost all value because the actual company is not showing worth on paper it leverages capital through borrowing to keep operating. So those that held Ducati stock got nothing for their investment they likely lost money.

So buying them means you better have a real good plan or nobody will invest and your stocks will drop in value. Means that you better have a plan on how to make money and in that increase sales and profit on the sales.
That would be a line that is made in India and sold in India.