Fiat may sell Ferrari shares to raise capital
2 October, 2010
Oct.2 (GMM) Italian carmaker Fiat has confirmed rumours it would consider selling some of its 85 per cent stake in Ferrari and the famous Maranello based F1 team.
The rumour emerged last week at the opening of the Paris motor show, with a newspaper report saying Fiat wanted to raise money to up its stake in the American carmaker Chrysler.
Fiat initially denied suggestions it is prepared to reduce its shareholding to as little as a controlling 51 per cent; a sale that is theoretically worth about $1 billion.
“No, we have enough financial resources to do everything we have to do,” Fiat chief executive Sergio Marchionne said in Paris.
But he also told the New York Times: “We would consider selling a part of Ferrari, but it’s not in the cards now, and I have no project on my desk.”
Meanwhile, Ferrari president Luca di Montezemolo played down suggestions Abu Dhabi investment company Mubadala will facilitate the move by releasing some of its minor shareholding.
The Italian said Mubadala “will remain for us a very important industrial partner”.