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MARCH 5, 2003

Montezemolo doubts Ferrari sale

Ferrari chairman Luca di Montezemolo says that he does not think that parent company Fiat will sell the company. It has been suggested that Fiat might sell off some of its 56% share in the business in an initial public offering to raise money to help support the main Fiat automobile business. Fiat has already sold 34% of the business to the investment bank Mediobanca for $845m.

Montezemolo says that floating the company is not his decision but said that "in the current market situation to talk of an IPO seems absurd" but he added that Mediobanco's aim is to sell its stake.