Mubadala sells 5% in Ferrari to Fiat
Fiat has bought back 5 per cent stake in Ferrari that Abu Dhabi government's investment arm Mubadala purchased five years ago. Following the deal, Fiat controls 90 per cent of Ferrari. According to the UAE newspaper, The National, the buy-back has cost Fiat US$167 million.
"I can confirm that Fiat has exercised the call option for the purchase of the Ferrari stake held by Mubadala," said a Fiat spokesman. "We have no further comment to make."
It is now predicted that Fiat is planning to offer Ferrari shares to the public, possibly leaving itself as little as 51 per cent.
- Egyptian stocks plummet as Yemen confict deepens
- Mission to Mars: UAE plans Arab region's first unmanned probe
- Supervising the stoners: Egyptian tobacco traders call for the legalization of cannabis
- Ethiopia launches $2.8m research survey for Nile basin development
- UAE sweetens flotation regulations to attract more investment