Fiat wants Ferrari back

FIAT is attempting to recover most of the 34 per cent stake in Ferrari it sold to Mediobanca (11.7 per cent) and other banks when the Italian auto manufacturer was in financial turmoil during 2002.

Following a statement released earlier this month in which Fiat confirmed that "discussions were under way" with Mediobanca, Fiat chairman (and Ferrari chairman and CEO) Luca Cordero di Montezemolo said last week that the buy-back was an "industrial and strategic" decision made all the more important now that Ferrari sales volume was at an all-time high.

Fiat owns 56 per cent of Ferrari.