| Author |
Message |
Mitch P (Mitchp)
New member
Username: Mitchp
Post Number: 10
Registered: 1-2002
| | Posted on Friday, July 12, 2002 - 9:40 am: | |
July 10, 2002
Page 1 of 1
What seemed like a simple sale of a portion of Ferrari by parent company
Fiat last week isn't turning out as simple as it seemed.
According to the Automotive NewsWire, Italian bank Mediobanca, which
bought a 34% stake in Ferrari from Fiat, decided not to float Ferrari
shares as it said it would the previous week. Instead, the report said
that Mediobanca is urging Fiat to fold Alfa Romeo and possibly Lancia
into Ferrari and then sell off the unprofitable Fiat auto group.
Such a move, mused the NewsWire, would strengthen Mediobanca's shares
and result in a "very attractive little sports car company" with
Mediobanca holding a one-third share.
But the plan apparently doesn't have much of a chance. General Motors,
which owns a 20% stake in Fiat, is not likely to approve such a deal.
G.M. would like to see an Alfa sports car sold in North America as a GM
product and that's not likely to happen if Alfa gets sold off.
(ex C&D website)
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Bill Sawyer (Wsawyer)
Member
Username: Wsawyer
Post Number: 332
Registered: 2-2002
| | Posted on Friday, July 12, 2002 - 7:52 am: | |
So, here's another viewpoint from John Mc Cormick at the Detroit News. Note the quote from Montezemolo about possible GM ownership of Ferrari. And, yes, Mc Cormick and Luca Montezemolo both know that Ferrari is owned by FIAT and not FIAT Auto, so save your energy...
http://detnews.com/2002/insiders/0207/12/b01-535334.htm |
Dave (Maranelloman)
Junior Member
Username: Maranelloman
Post Number: 243
Registered: 1-2002
| | Posted on Thursday, July 11, 2002 - 4:32 pm: | |
And, Bill Hart, have the English cook in the company cafeteria... |
Bill Sawyer (Wsawyer)
Member
Username: Wsawyer
Post Number: 329
Registered: 2-2002
| | Posted on Thursday, July 11, 2002 - 12:53 pm: | |
Adam is right, of course. Ferrari belongs to FIAT, not FIAT Auto, which is what GM is involved with. This rumor was reported on carconnection.com and grandprix.com. I'm sure there are many possibilities being tossed about, none of which involve selling Ferrari to a company that won't even fund their Le Mans entry properly.
However, where money is concerned, anything can happen. |
Tim N (Timn88)
Intermediate Member
Username: Timn88
Post Number: 1205
Registered: 6-2001
| | Posted on Thursday, July 11, 2002 - 12:32 pm: | |
Does this mean that GM will acquire Ferrari? |
William H (Countachxx)
Intermediate Member
Username: Countachxx
Post Number: 1194
Registered: 2-2001
| | Posted on Thursday, July 11, 2002 - 12:24 pm: | |
When I was in Italy I heard that the sale of FIAT to GM is a done deal & that Alfa is part of that deal |
Adam Goldman '86 TR (Icnsltmfg)
Member
Username: Icnsltmfg
Post Number: 359
Registered: 8-2001
| | Posted on Thursday, July 11, 2002 - 12:18 pm: | |
The picture everyone always misses is that Ferrari is not part of Fiat, but part of another group that is controlled by the family. GM has no part of Ferrari, even if they are forced to buy the outstanding shares from the Family. Fiat has many problems, but Ferrari is not one of them, and should not be accidentally mixed into the cloudy Fiat Corp Structure. |
acw (Acw)
Junior Member
Username: Acw
Post Number: 60
Registered: 2-2002
| | Posted on Thursday, July 11, 2002 - 11:39 am: | |
Hmmm good idea WM. And what about an american engine designer to optimize fuel consumption? (:
ACW |
wm hart (Whart)
Member
Username: Whart
Post Number: 396
Registered: 12-2001
| | Posted on Thursday, July 11, 2002 - 9:51 am: | |
Let's see, while we're shuffling the pieces, we could have the Italians stay in charge of parts fulfillment,let the french handle quality control and put the germans in charge of PR. |
Bill Sawyer (Wsawyer)
Member
Username: Wsawyer
Post Number: 327
Registered: 2-2002
| | Posted on Thursday, July 11, 2002 - 8:35 am: | |
The latest rumor is that an Italian politician is proposing breaking FIAT into three parts:
-Selling FIAT to GM's Opel Division
-Selling Lancia to Peugeot
-Maintaining an all Italian car company by combining Ferrari, Alfa Romeo and Maserati
An interesting proposition, but one that is fraught with difficulties. Maserati is not yet viable, and Alfa has never been very strong. This plan could bring Ferrari to its knees.
Also, GM wouldn't like it much since they seem to want to sell Alfas in GM dealerships in the U.S.
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