FRANKFURT: Commerzbank said on Monday it had sold its 8.4% stake in Italian carmaker Ferrari to Fiat, in a deal with a market value of E260m ($329m). The news follows Fiat’s announcement last week that it would pay almost E900m ($1.1bn) to buy a roughly 29% stake in Ferrari from the banks that bought it in ’02 when the Italian carmaker was in crisis.
Fiat had said that it would use cash to buy the stake, which takes its holding to 85% in the luxury sports car maker. Fiat sold a 34% holding in Ferrari to banks in ’02 for E775.2m. It has been in talks since April with Mediobanca— the Italian bank that led the group—about the option to buy it back.
Fiat had said that it hoped to close the deal with Mediobanca and the other banks, which include Commerzbank and Banca Popolare dell’Emilia Romagna, by the end of September.
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