MILAN, June 27 (Reuters) - Italy's Fiat will sell 34 percent of its sportscar maker Ferrari to a Mediobanca-led consortium for 775.2 million euros, part of a drive to cut debts and raise money at the struggling industrial group.
In a joint statement released on Thursday, Fiat and Mediobanca said the deal, which would be closed on June 30, valued Ferrari at 2.4 billion euros before a 120 million-euro dividend pay out.
The companies said Mediobanca planned to list the stake on the stock market within 12 months, a move that saves Fiat from having to brave current inhospitable markets to list the racing team by the end of the year as was originally planned.
The deal signalled a revival of relations between Fiat and Mediobanca which used to work closely together but have fallen out in recent years. Fiat led a successful raid in 2001 on the jewel in Mediobanca's crown, agro-energy group Montedison.