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Ferrari CEO hopes IPO process may begin early 2003

TURIN, Sept 20 (Reuters) - Sports car maker Ferrari has not yet decided when it will list its shares, but Chief Executive Luca di Montezemolo told Reuters on Friday he hopes the ball might get rolling in early 2003.

"Nothing has been defined yet. It's still too early to say but I think that maybe at the beginning of next year we'll start looking at it," Montezemolo said at the opening of Fiat patriarch Gianni Agnelli's new art gallery in Turin.

Ferrari's main shareholder Fiat sold a 34 percent stake in the sportscar division in June for 775.2 million euros to investment bank Mediobanca as part of a far-reaching plan to slash high debt. While Fiat is struggling to pull itself out of heavy losses, Montezemolo said Ferrari was having a good year, helped "in money and in heart" by Ferrari winning both the constructor's and the driver's title in this year's Formula One championship.

"Ferrari's business is going very well and we will end this year with good results," Montezemolo said.