Fiat is considering a partial sale of Ferrari in order to finance further ownership of U.S. automaker Chrysler. As insane as the idea is of selling some of what might just be the best and one of the most profitable automakers in the world in order to purchase a further stake in one of those held in the lowest esteem and with some of the largest financial hurdles, that is reportedly the case according to Il Corriere della Sera, an Italian daily newspaper.
Fiat has denied the reports, but the paper's sources inside the company hint at the truth, indicating that it might take such a drastic move in order to achieve a controlling 51 percent share in Chrysler. Ferrari is said to be worth $3.1 billion and would still say in Fiat's hands thanks to a 51 percent ownership.
Currently Fiat owns 20 percent of Chrysler but is expected to increase that amount to 35 percent once it meets certain restructuring regulations laid our by the U.S. treasury.
Fiat's interest in Chrysler extends beyond the scope of the actual company with Fiat CEO Sergio Marchionne eager to secure his company in the North American marketplace.
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Fiat Planning to Sell-Off Ferrari to Finance Further Chrysler Ownership on AutoGuide.com
Fiat Planning to Sell-Off Ferrari to Finance Further Chrysler Ownership
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