Fiat To Buy Back Ferrari Shares
September 14th, 2006
Fiat is increasing its stake in Ferrari, buying back the shares it sold to Italian investment bank Mediobanca during Fiat’s financial troubles in 2002. The Turin-based auto conglomerate is the undisputed Don of the Italian car business, controlling Ferrari, Maserati, Alfa Romeo, Lancia, Iveco and Magneti Marelli (to name a few), and will exercise its option to buy back the 29% currently held by Mediobanca by the end of September.Together with the 56% it currently holds, this will bring Fiat’s stake in Ferrari up to 85%. Mediobanca sold 5% to Mubadala Development Company, a UAE crown corporation; shares which Fiat may or may not buy back. (Mubadala also owns stake in Spyker, fuelling rumors that the recently acquired Spyker MF1 team could switch to Ferrari power for next season.) The remaining 10% is still owned by the Ferrari family.
2006 Ferrari 599 GTB Fiorano
April 17th, 2006
A classic mid-front V12 Ferrari two-seater good for close to 210 mph: What could be more fun? This 575M Maranello replacement looks new in Ferrari styling terms even though the windshield is carryover. This 2006 Ferrari 599 GTB Fiorano is something special.
At first glance the GTB’s styling seems to mimic its larger 4-seat brother, the 612 Scgalietti. Both share the same front end design which Pininfarina now sets as the enduring face of Ferrari, but unlike the 612, the 599 has an entirely new roof line and much tidier rear end treatment with two sexy rear buttresses.