Fiat buys back Ferrari stake from Mubadala
14 November, 2010
Nov.14 (GMM) Fiat has bought back a 5 per cent stake in Ferrari that was sold five years ago to Abu Dhabi investment company Mubadala.
It is believed the move ties in with recent rumours the Italian carmaker is considering later selling a significant part of its majority stake in the famous Maranello based marque and formula one team.
The buy-back of the Mubadala stake, costing Fiat EUR 122 million according to the UAE newspaper The National, takes Fiat’s shareholding up to 90 per cent.
It is believed Fiat is then prepared to see this figure drop to as low as a controlling 51 per cent.
“I can confirm that Fiat has exercised the call option for the purchase of the Ferrari stake held by Mubadala,” confirmed a Fiat spokesman.
“We have no further comment to make,” he added.