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Ferrari shares snapped up

Mediobanca is poised to pay Fiat around £502m for a 34 per cent stake in Ferrari. Analysts believe the price is too high.

Fiat, which has appointed Gabriele Galateri as chief executive officer working alongside Paolo Fresco, was originally planning an initial public offering this year to raise cash in a bid to cut its debt burden.

Sources say Mediobanca will float the stake on the stock market. Meanwhile Commerzbank is reported to have paid Mediobanca £148m for a 10 per cent share of Ferrari.

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