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Fiat doesn't rule out Ferrari sale

ESPNF1 Staff
October 2, 2010 « Heidfeld confident he will stay in F1 next year | »

Italian car giant Fiat has confirmed rumours it would consider selling some of its 85% stake in Ferrari and the famous Maranello-based Formula One team.

The rumour emerged last week at the opening of the Paris Motor Show, with a newspaper report saying Fiat wanted to raise money to up its stake in the troubled American carmaker Chrysler.

Fiat initially denied suggestions it is prepared to reduce its shareholding to as little as a controlling 51%, a sale that at present values would be worth around $1 billion.

"No, we have enough financial resources to do everything we have to do," Fiat chief executive Sergio Marchionne said in Paris. But he also told the New York Times: "We would consider selling a part of Ferrari, but it's not in the cards now, and I have no project on my desk."

Meanwhile, Ferrari president Luca di Montezemolo played down suggestions Abu Dhabi investment company Mubadala will facilitate the move by releasing some of its minor shareholding. "It will remain for us a very important industrial partner," he said.

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