Fiat to buy out Maserati brand from Ferrari
16/02/2005 - 16:24:12Fiat is buying the luxury Maserati sports car brand from Ferrari – a company in which it already has a majority stake.
The Turin-based company said it was buying Maserati in a bid to find technological and commercial synergies to help develop its premium brand, Alfa Romeo.
Fiat’s unprofitable car-making division owns the Fiat, Alfa Romeo and Lancia brands. The Fiat group also has a 56% stake in Ferrari.
“This operation is essential for the future development of Alfa Romeo,” said Chief Executive Sergio Marchionne.
On Sunday, Fiat and US giant General Motors dissolved a 2000 partnership including an option that could have forced GM to buy the 90% of the Italian company it did not already own.
GM agreed to pay Fiat almost €1.4bn in exchange for cancelling the clause.
