ROME, June 21 (Reuters) - Italian industrial group Fiat will not float more than 35 percent of its sportscar and racing arm Ferrari, group Chairman and Chief Executive Paolo Fresco said on Friday.
"We will definitely not sell more than 35 percent," Fresco told a parliamentary commission hearing.
Fiat had previously said it wanted to keep control of Ferrari.
In May, Fiat managers said they hoped to raise about 750 million euros from Ferrari's initial public offering which Chief Financial Officer Damien Clermont said would be used to help cut Fiat's net debt to three billion euros by the end of the year.