Fiat confirms buyback of Ferrari shares

Fiat CEO Sergio Marchionne has confirmed that Fiat intends to exercise its option to repurchase most of the Ferrari stake it sold in 2002 to a consortium of banks led by Mediobanca.
Fiat originally sold 34 percent of Ferrari to the consortium, which in turn sold a 5 percent stake in 2005 to an investment company backed by the government of Abu Dhabi. Fiat will repurchase the remaining 29 percent still held by the banks, apparently allowing the Abu Dhabi group to remain a Ferrari stakeholder.

The buyback plan will up Fiat's controlling interest in Ferrari to 85 percent.

[Source: Italiaspeed]

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