Fiat on Friday (29 September) exercised its call option to buy back from Mediobanca and the other members of the consortium 2.3m Ferrari shares, or 28.63% of the share capital, thereby raising to 85% its interest in Ferrari.

The call option was provided for by the agreements signed when the sale took place in 2002.

The exercise price of the option amounts to approximately EUR892m, to be paid upon closing expected within the next several days.

Mubadala Development Company, which currently owns an approximately 5% stake in Ferrari, on which Fiat holds a call option, will remain a member of the Ferrari shareholder base, notably in connection with the important project currently underway for the development of a theme park dedicated to the ‘prancing horse brand’ in Abu Dhabi.

Fiat will repurchase the Ferrari shares through the use of available cash resources, without resort to the capital markets for new financing.

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Reflecting its healthy operating performance and recent disposals of nonstrategic assets, the automaker enjoys a strong cash position.

“[Friday’s transaction was] part of the group’s strategy to focus on its core business and enhance all its automotive activities, among which Ferrari stands as an undisputedly prestigious and world-renowned brand for its high technological content,” Fiat said in a statement.