Simplify the following text for a Grade 8 native English-speaking person.
Original: On 27 August 1993 , GM sold the company , for Â # 30 million , to A.C.B.N. Holdings S.A. of Luxembourg , a company controlled by Italian businessman Romano Artioli , who also owned Bugatti Automobili SpA .
Simplified: On 27 August 1993 , GM sold the company to Bugatti Automobili SpA .