Fiat to sell Ferrari stake to Mediobanca group

Newswire

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 ...

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