APRIL 22, 2003
Ferrari IPO is pushed back again
The initial public offering of shares in the Ferrari company has been delayed again because it is still felt that market conditions are not right for the move. Mediobanca bought a third of Ferrari in June last year for $1.37 billion from Fiat and said that it planned a flotation within the year but the fear is that Mediobanca paid more for the shares than it ought to have done and that an IPO might result in losses as the markets feel that Ferrari is worth only $2.5bn and not the $4.2bn which the Mediobanca deal valued the company at.
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