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Commerzbank sells stake in Ferrari for 260 millions euros
0 Comments | AFP, October, 2006
FRANKFURT (AFP) — Commerzbank, the second-biggest listed bank in Germany, said it has sold its 8.4-percent stake in Italian sports car maker Ferrari for an estimated 260 million euros (329 million dollars). The divestiture was part of the bank's commitment to sell-off non-strategic shareholdings, Commerzbank said in a statement.
Fiat, the parent company of the prestigious Italian auto brand, said last week that it had exercised a so-called call option on a 28.63-percent stake in Ferrari, including the Commerzbank stake. Fiat now owns 85 percent of Ferrari. © 2006 AFP
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