Mediobanca Sells 5 pct of Ferrari

Italian investment bank Mediobanca have sold a 5 percent stake in Ferrari to the Mubadala Development Company PJSC, an investment company owned by the Government of Abu Dhabi

Mediobanca Sells 5 pct of Ferrari

The deal, reached in agreement with Ferrari owners Fiat, is worth a total of €114 million, which corresponds to the price paid by Mediobanca for the Ferrari stake in 2002.

"This is the first time that Fiat welcomes a new Ferrari shareholder that isn't a financial institution," said Ferrari president Luca di Montezemolo. "To widen our shareholders' base beyond the traditional financial institutions is a new opportunity for our development."

The agreement cuts Mediobanca's stake in the racing team and high-priced sports car maker even further, after having sold a 6.5 percent stake to Lehman Brothers in 2002.

The agreement provides an earn-out in favour of Mediobanca in case the IPO of Ferrari is completed within the next 24 months at a price ensuring to Mubadala an Internal Rate of Return above 10%.

Mediobanca also offered Commerzbank and Banca Popolare dell'Emilia Romagna to participate in the sale on a pro-rata basis, in which case Mediobanca would sell 3.3% out of the 5% for a total consideration of around €75 million.

As a result, Mediobanca's direct stake in Ferrari would be reduced from its current level of 15% to 11.7%.

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