UPDATE 1-Fiat pays 892 mln euros for banks' Ferrari stake

Newswire

(Adds background, details, closing shares) MILAN, Sept 29 (Reuters) - Fiat will pay about 892 million euros ($1.1 billion) to buy a 28.63 percent stake in Ferrari from the banks that bought it in 2002, when the Italian carmaker was in crisis, bringing to an end months of negotiations. Fiat said in a statement on Friday it would use cash resources to buy the stake, which will give it a total holding of 85 percent in the luxury sports car maker. Mediobanca , the Italian merchant bank ...

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