Sergio Marchionne seems unable to make his mind up on whether he sees Fiat retaking over its 90% stake in Ferrari. Fiat had at one point owned 90% of the company, but then sold off 34% of the company to an Italian merchant bank called Mediobanca, with the option to buy back. Fiat reacquired the entire stake save for 5%, which was sold to an Abu Dhabi development company.
Marchionne is strategizing on ways to reacquire the 5% from Mubadala Development Co., as the call option on the stake expired on July 31. He also turned around and said however, that although an IPO is not in the immediate future, he could not rule anything out over a longer frame of time.
It is expected that even if Ferrari retained 51% of the company and sold the rest at market, it could raise a hefty chunk of change. The 2002 and 2005 transactions with Mediobanca and Mubadala valued Ferrari at $2.9 billion.
– By: Stephen Calogera
Source: Automotive News (Subscription Required)