| Author | Message | ||
| Racer 001 (Mr_0011)
Member Username: Mr_0011 Post Number: 438 Registered: 3-2002 |
Actually, I don't think it would be too bad... All the cool German and Italian cars under one Group... :D | ||
| magoo (Magoo)
Advanced Member Username: Magoo Post Number: 3777 Registered: 2-2001 |
I would like to see another manu. other then one of the big U.S. three, if there was a take over, but Volkswagon just doesn't ring with Ferrari. | ||
| Mitchell L. Davidson (Jussumfastgi)
Member Username: Jussumfastgi Post Number: 343 Registered: 4-2002 |
Not me! Then where is the competition?! | ||
| Andrew (Mrrou)
Member Username: Mrrou Post Number: 436 Registered: 3-2002 |
I would prefer ferrari in the hands of VW versus GM anyday | ||
| Omar (O. H. B.) (Auraraptor)
Junior Member Username: Auraraptor Post Number: 57 Registered: 9-2002 |
NO. BMW PLEASE COME IN AND BUY THEM. NEVER TO VW!  | ||
| Peter S�derlund /328 GTB -88 (Corsa)
Member Username: Corsa Post Number: 283 Registered: 4-2001 |
More. ------ The Italian industrial company Fiat is in trouble with creditors pressuring the company to find a solution to the problem of Fiat Auto, the automobile company which is currently losing money at a vast rate. Union problems and Italian labour laws mean that the company is not allowed to restructure as it wishes to do and the main company is slipping into difficulties as a result. Ferrari (and its sister company Maserati) are owned by another Fiat subsidiary but they are valuable assets and some of the Fiat shareholders want to see their value combined with Fiat's most successful brand Alfa Romeo to form a new luxury car company to keep the Fiat name in the automobile business. Fiat can sell its other automobile businesses to General Motors in 2004, although the American giant may challenge the deal that was agreed several years ago if Alfa Romeo is not part of the sale. The plan to create a new Ferrari-Maserati-Alfa Romeo business is being linked to the huge German company Volkswagen, which would take a 49% stake in the company. If this was the case Fiat would no longer have control of the company because the Ferrari family already own 10% of the shares and Italian banks own another 34%. The banks would almost certainly trade in their shares but if VW held 49% of the business, Fiat could only keep 41% - unless the Ferrari family was bought out. And that would cost about $200m. Such a move would put Ferrari under the influence of Volkswagen, a curious move in that the German company has aspirations to challenge Ferrari in the supercar market with its Lamborghini and Bugatti brands and has invested heavily to build up the two firms. | ||
| Peter S�derlund /328 GTB -88 (Corsa)
Member Username: Corsa Post Number: 282 Registered: 4-2001 |
More Ciao Peter A raging battle between banks for the future of Fiat has led to a delay in plans to replace co-CEO Gabriele Galateri di Genola, who resigned Tuesday. A special board meeting that was originally planned for Wednesday, Dec. 11, then delayed until Thursday, is now scheduled for Friday. The battle pits, on one side, Umberto Agnelli, head of the family holdings that control Fiat; Italian merchant bank Mediobanca; and Italian Prime Minister Silvio Berlusconi against a group that includes Fiat Chairman Paolo Fresco, a group of Fiat's creditor banks and the Bank of Italy. Fresco and the creditors, who put up 3 billion euros in loans to Fiat in July, have so far blocked the completion of a plan by Agnelli and Mediobanca to oust both Fresco and Galateri. Galateri, who replaced Paolo Cantarella as Fiat Group CEO just six months ago, quit his post on Tuesday. Sources say he had enough of the pressure. But Fresco and the rest of the management team won the board's �unanimous appreciation and confidence.� Galateri is expected to be replaced by Italian insurance executive Enrico Bondi, who is closely allied with Mediobanca. Fresco appears to have no intention to quit. �I won't resign. They have to fire me,� he reportedly said after the meeting. While the Fiat board was in session on Tuesday in Turin, Agnelli personally informed Berlusconi of his plan to change top management. Meanwhile, Fiat's main creditor banks held a secret meeting in Milan. After the Fiat board meeting ended, the bankers released a statement charging that management changes would represent "a substantial violation of our agreements." Many observers believe the Umberto Agnelli/Mediobanca plan will ultimately prevail. But it could take longer than planned. And it could require Mediobnca to assume some, if not all of the 3 billion euro loan granted in July by the main creditor banks. | ||
| Andrew Menasce (Amenasce)
Member Username: Amenasce Post Number: 407 Registered: 10-2001 |
William for your 40th , you should buy a big stake and save Ferrari from mayhem  | ||
| William H (Countachxx)
Intermediate Member Username: Countachxx Post Number: 1640 Registered: 2-2001 |
but an Italian bank already bought like 40% of Ferrari then they sold some of that to a US Stock brokerage firm. I heard Schumacher & Montezmolo will also recieve a significant % of Ferrari shares | ||
| Andrew Menasce (Amenasce)
Member Username: Amenasce Post Number: 404 Registered: 10-2001 |
arghh...RIP Ferrari ! | ||
| Peter S�derlund /328 GTB -88 (Corsa)
Member Username: Corsa Post Number: 281 Registered: 4-2001 |
Gabriele Galateri di Genola has resigned as co-CEO of Fiat Group. But chairman and co-CEO Paolo Fresco, who was also expected to resign Tuesday, continues in his job. Fiat's board of directors accepted Galateri's resignation on Tuesday afternoon and is scheduled to name his replacement at a special board meeting on Thursday. Fresco, 69, got fresh backing from the board. �The board of directors reaffirmed its unanimous appreciation for the chairman, the chief executive officer and the management, and its confidence in them all,� according to a Fiat statement. Enrico Bondi, head of the Italian insurance company SAI, is expected to replace Galateri as co-CEO. A Fiat spokesman would not confirm Bondi's appointment. Bondi, 67, has been involved in restructuring efforts at several large Italian companies, including chemical giants Montedison and SNIA, Telecom Italia and vehicle components and defense equipment manufacturer Gilardini. Galateri, 55, moved to Fiat in June after several years heading IFI and IFIL, the two financial holding companies of Fiat's controlling Agnelli family. Meanwhile, sources say the group is still considering a sweeping reorganization that would cancel General Motors' obligation to take over Fiat Auto. Under the plan, the Alfa Romeo brand will be moved from Fiat Auto and put into a new luxury group alongside Ferrari and Maserati. As a key part of the plan, GM will give up its right of first refusal on the sale or transfer of Fiat assets in exchange for Fiat Auto canceling a put option that requires GM to purchase the 80 percent of Fiat Auto it does not now own, beginning in 2004. The deal will leave intact GM's partnership with Fiat Auto in powertrain development and components purchasing and common platforms, sources said. According to sources familiar with situation, Volkswagen AG will take a significant, but minority, stake in a new Alfa-Ferrari-Maserati company. [I have seen in another thread that it could be parts of Maserati that goes to Audi /Peter] Fiat and Volkswagen declined to comment on a possible reorganization, though Maserati confirmed that "talks have been underway for some time with Audi with a view of possible technical and commercial cooperation between the two companies." Ciao Peter |