Filed under: Earnings/Financials, Ferrari, Fiat, Middle East
Ferrari was undoubtedly disappointed with the results from this weekend's season-ending grand prix in Abu Dhabi, but the Italian outfit may have left with a parting gift. One they had to pay for, anyway.
According to reports, parent company Fiat exercised a clause to re-acquire the five percent stake in Ferrari which the company sold five years ago to Abu Dhabi's state investment firm Mubadala.
The 122-million euro deal comes at an interesting time for a number of reasons. For one, the company just opened the Ferrari World theme park in the gulf emirate. For another, the news broke during the Abu Dhabi Grand Prix weekend itself. And finally, rumors have been circling recently that Fiat could itself be preparing to sell as much as 49% of Ferrari in the near future. Could the buy-back be a preparatory step to such a sale? Only one way to find out, so we'll have to sit tight and see what develops.
[Source: World Car Fans]
Fiat reportedly buys Ferrari stake back from Abu Dhabi originally appeared on Autoblog on Mon, 15 Nov 2010 17:30:00 EST. Please see our terms for use of feeds.
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