Fiat, which currently hold a 56 percent controlling share of Ferrari, plans to buy back an additional 29 to 34 percent of the company, AFX News today reported. Fiat sold 34 percent of Ferrari in 2002 to various investors, including Mediobanca. The organization then sold 5 percent of the company to an Abu Dhabi investor. As a part of an agreement signed when it sold the 34 percent stake, Fiat has the right to re-aquire the shares at any time. Moreover, Mediobanca no longer wishes to be involved with the automaker. Fiat plans to re-aquire the 29 percent of the company that Mediobanca still holds, company officials said, and will probably allow the Abu Dhabi company to retain its stake.
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05/23, 4:12 PM
posted by:
tino
Hrm, this doesnt affect me at all….so igive it a 5…somewhat spiffy :-\
05/23, 4:31 PM
posted by:
BAMF
That was said with a lot of truth in it tino, and I want you to know that I respect that.
05/23, 4:33 PM
posted by:
anonymous
Fiat really likes to flush money down the drain.
05/23, 5:03 PM
posted by:
Marc
I followed FIAT’s shares about 5 years ago for a while. They were really a bad investment (as most car companies are). Glad I hadn’t put money into them.
05/23, 5:24 PM
posted by:
Marc
By the way, that FXX is a damn ugly car (I don’t care how fast or expensive it is).
05/23, 7:30 PM
posted by:
lotusfire
I don’t think it’s ugly…
05/23, 9:12 PM
posted by:
Jon
The FXX isn’t about looks; it’s about speed and handling. It’s a track-only car.
Jon.
05/23, 9:43 PM
posted by:
Ryan
I remember seeing a Punto a few years back with all its emblems replaced by prancing horses. Lets hope we dont have to all deal with a TestaPunto.