Abu Dhabi government gets slice of Ferrari

July 28, 2005 at 11:12 AM

ABU DHABI, United Arab Emirates, July 28 (UPI) -- An investment group controlled by the Abu Dhabi government paid $137 million for a 5 percent stake in Italy's Ferrari car company.

Abu Dhabi's Mubadala Development acquired the stake from Italian investment bank Mediobanca, which said the sale was part of its plan to sell gradually its Ferrari holding.

Three years ago Mediobanca bought 34 percent of Ferrari from Fiat, which still owns 56 percent of the luxury sports car maker.

The deal provides an earn-out in favor of Mediobanca in case the initial public offering of Ferrari is completed within the next 24 months.

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