Fiat ready to increase its Ferrari stake?

Fiat CEO Sergio Marchionne dropped a hint or two that his company would buy back the 11.7 percent stake in Ferrari currently owned by Mediobanca. The automaker sold 34 percent of Ferrari to a group of investors led by Mediobanca in 2002 amidst a desperate attempt to pay down debt. The quasi-announcement came as Marchionne was showing off a new facility that is part of a joint venture to build small vans with PSA Peugeout Citroen. According to Marchionne, Mediobanco wants to go, and it is Fiat’s duty to make sure that happens.

By Erin Mays
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Fiat CEO Sergio Marchionne dropped a hint or two that his company would buy back the 11.7 percent stake in Ferrari currently owned by Mediobanca. The automaker sold 34 percent of Ferrari to a group of investors led by Mediobanca in 2002 amidst a desperate attempt to pay down debt. The quasi-announcement came as Marchionne was showing off a new facility that is part of a joint venture to build small vans with PSA Peugeout Citroen. According to Marchionne, Mediobanco wants to go, and it is Fiat’s duty to make sure that happens.

[Source: Reuters]