(GMM) Turin-based Italian carmaker Fiat is poised to buy back 29 per cent of Ferrari.
A five per cent stake was sold last year for $138m, which would value Fiat’s latest plan at approximately $800m.
CEO Sergio Marchionne told reporters on a visit to China that he is hoping to secure the deal before the end of September, after Fiat sold 34 per cent of the Maranello based marque in 2002.
With Italian bank Mediobanca’s 29 per cent stake, Fiat - whose chairman Luca di Montezemolo is also in charge of Ferrari - would then own 83 per cent of the Prancing Horse.
Italy’s leading newswire ANSA, meanwhile, claims that Fiat has now ’shelved the plan’ to list Ferrari on the stock market.
It is also reported that Fiat will not seek to buy back the five per cent stake that is today owned by the government of Abu Dhabi.
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