Fiat pays 892 mln euros for 29 pct Ferrari stake

Newswire

MILAN, Sept 29 (Reuters) - Fiat has exercised its option to buy a 28.63 percent stake in luxury sports car maker Ferrari for around 892 million euros from a group of banks led by Mediobanca , the car maker said in a statement on Friday. Fiat said the deal would raise its stake in Ferrari to 85 percent. It said Mubadala Development Company, which currently holds about 5 percent of Ferrari, would stay as a shareholder.

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