Fiat is to sell 34% of Ferrari to investment bank Mediobanca for €775.2 million ($US766m), the Financial Times (FT) said.

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Fiat had earlier planned an initial public offering for Ferrari for late this year but will now more quickly receive cash to help meet financial targets set by creditor banks, the FT reported.

The newspaper said Mediobanca would seek to float the stake in the first half of next year but could choose to wait up to another 12 months while hoping that Ferrari’s value would increase.

Fiat would receive between 50 and 90% of the difference between yesterday’s sale price and the higher valuation at the time of the IPO, the FT added.

The newspaper said the offer values Ferrari at about €2.3 billion, much higher than the €1.5bn-€2bn the carmaker was expected to make.

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