Exor decided Formula One investment too pricey

Newswire

TURIN, Italy, May 29 (Reuters) - Fiat and Ferrari's corporate parent Exor mulled an investment in motor racing company Formula One before its initial public offering, and opted to pass because the price was too high, Chairman and CEO John Elkann said on Tuesday. Private equity fund CVC Capital Partners recently sold a "pre-IPO" stake for $1.6 billion in Formula One to a group of investors including the investment management firm BlackRock, shaving its stake to 42 percent. Formula One will ...

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