Mubadala sells 5% Ferrari stake back to Fiat

18 Nov 2010

(MENAFN) Mubadala Development Company, Abu Dhabi�s state-backed investment fund, has sold its five percent stake in Ferrari back to Fiat, five years after taking a share in the luxury carmaker, AP reported.

The investment firm said Ferrari’s parent Fiat exercised an option that gave it the right to buy back the stake Mubadala acquired in 2005.

The call option, which was set to expire at the end of July, had been extended twice before by mutual consent between Fiat and Mubadala, the Abu Dhabi fund said in a statement.

Mubadala did not provide financial details. But Fiat’s third-quarter results released last month show the deal cost it $167 million.

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