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.