Fiat could have plans to sell 34 percent of Ferrari shares in order to obtain a majority stake in Chrysler. The rumours come from the Italian press and have already been denied by Fiat. Currently the company group owns 85 percent of Ferrari shares, while the rest are divided between Piero Ferrari (10%) and Mubadala Abu Dhabi (5%). Fiat would still be a majority holder in Ferrari with 51 percent of shares, but the remaining 34 percent to be sold would be an earning of about 2.3 billion euros for the company.

If the Ferrari shares were to be sold, Fiat would then proceed in increasing its quota in Crysler from 20 to 51 percent; therefore overtaking the 34 percent holding required to be purchased within two years of the Fiat-Chrysler deal, as stipulated by the White House. Fiat sold 34 percent of Ferrari shares to the Mediobanca group in 2002 to overcome the crisis it was suffering at the time. Mediobanca then sold five percent to Mubadala Abu Dhabi, while Fiat reacquired the remaining 29 percent in 2006.

Source | Corriere via Autoblog.it

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