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Automotive News Europe, April, 2004
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The meter keeps running
Europe's lingering financial doldrums keep creating fresh ways to pinch Fiat group during its turnaround efforts.
In this case, Fiat paid [euro]15.5 million to extend by a year its right to buy back the 34 percent of subsidiary Ferrari it sold in 1992.
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Back then, the plan was to take public the high-profile, high-profit sports-car maker to raise capital while Fiat Auto was in crisis. Fiat sold 34 percent to a consortium of banks led by Mediobanca to raise [euro]775 million immediately, with an agreement that it could re-purchase the shares anytime ...
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Most Popular Articles in Autos
- Service Slants
- 2007 utility vehicle buyer's guide: Side-By-Sides are popular; here's who ...
- Transmission considerations: beyond the manual gearbox
- Buell Motorcycle engineering, innovation, & dedication: in an industry ...
- 100 + 10: America's oldest automotive magazine celebrates its 110th year ...
- More »