JUNE 27, 2002
Ferrari to go to the banks rather than the markets?
REPORTS in Italy are suggesting that Fiat may not float Ferrari as had been announced because of the fears that the market would not respond well to an IPO at the moment. The suggestion now is that investment bank Mediobanca may buy 35 percent of the firm for $862.2 million. This would give Fiat the cash it needs while at the same time avoiding the need to go to the markets.
According to the reports in Italian media the offer of such a deal came from Mediobanca, which is already a Ferrari shareholder, controlling a three percent share of the company which it has controlled since 1996.
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