JUNE 28, 2002
Fiat sells 34% of Ferrari to Mediobanca
As we predicted yesterday, Fiat has sold 34 percent of Ferrari to investment bank Mediobanca.
Mediobanca is expected to float the shares later this year, but will have the luxury of waiting for the right moment. The sale raised $767.4 million, and will allow the struggling Fiat to pay some of its enormous debt.