JULY 1, 2002
Mediobanca brings in Commerzbank
THE new 34% shareholder of Ferrari, Mediobanca, has brought in a new partner in the form of its German ally Commerzbank. The German firm has bought 10% of the company for around $225. This will help Mediobanca to offset the $768m it paid Fiat for the Ferrari stake. The two banks say they intend to float their entire shareholdings next year when the financial markets have improved.
Despite rumors to the contrary the giant German bank Deutsche Bank has not agreed to join the deal. The company has lost a considerable amount of money through its investments in the Arrows F1 team and in the Formula One group and seems to have learned a lesson. Sources in Germany say that the valuation of Ferrari was considered to be too high to make it a worthwhile investment.
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FORMULA 1 - IN PICTURES
FRANCE CONSIDERS TELECOM RE-NATIONALIZATION
MEDIOBANCA BRINGS IN COMMERZBANK
REITZLE LOOKING FOR AN F1 COMEBACK - AS A SPONSOR?
STALMANN MOVES ON
WHY HUNGARY NEEDS F1 RACING
WILL ALL THE TEAMS MAKE IT TO SILVERSTONE?