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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