http://cgi.ebay.com/TRANSFORMER-TRENO-ROBO...1QQcmdZViewItem

I think it's a diaclone train bot. Been so long since my sets have seen the light of day, I forget.

Looks a little different to me. Certainly not the gobot/machine robo train.

funky.

Probably I can answer: the Diaclone and Microman toys from Takara have been sold during '80 in "TraSformer" (not "traNSformerS") serie in Italy by GiG.
In the Trasformer serie you can find Takara and non-Takara robots: there were teh diaclone ones that have become the g1 autobot, the seekers, Meggie, Soundwave etc. The Diaclone dashers, etc.
You will find a complete description about this on variquest.com
This is not a Raiden piece; anyway it is certainly an original Italian Trasformer from '80!

Looks like a trainbot KO!

E benvenuto snd

Looks pretty nice..

Thank you Autobotmaintenance, nice to see you here

This is no Diaclone toy that I have ever seen. Gig had produced their own transforming toys and sold them alongside the licensed molds from Takara. This appears to be one of their creations.