UPDATE 1-Fiat to sell Ferrari stake to Mediobanca group


(Adds details, Fresco quote) By Jane Barrett 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. Fiat and Mediobanca said on Thursday the deal valued Ferrari at 2.4 billion euros, before a 120 million-euro dividend pay out, and was a prelude for an initial public offering of the bright-red racing car group. ...

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