Fiat to Buy Maserati Brand From Ferrari Wed Feb 16,11:31 AM ET Business - AP By JOJI SAKURAI, Associated Press Writer ROME - Fiat SpA announced Wednesday it will buy the Maserati sportscar brand from Ferrari a company in which it already has a majority stake just three days after winning independence from General Motors Corp. Turin-based Fiat said in a statement it was buying Maserati in a bid to find technological and commercial synergies to help develop its premium brand, Alfa Romeo. It declined to offer details about financial terms. Fiat's unprofitable carmaking division, Fiat Auto, owns the Fiat, Alfa Romeo and Lancia brands. The Fiat group also has a 56 percent stake in Ferrari. "This operation is essential for the future development of Alfa Romeo," said Fiat Chief Executive Sergio Marchionne. On Sunday, Fiat and General Motors dissolved a partnership including an option that could have forced GM to buy the 90 percent of Fiat Auto SpA that it did not already own. GM agreed to pay the Italian automaker $2 billion, mostly in exchange for canceling the clause. Maserati was founded in 1914 and acquired by Fiat in 1993. Ferrari took ownership of the Maserati brand in 1999. Maserati sold 4,600 cars last year, according to Luca Cordero di Montezemolo, who is chairman of Ferrari. The company has targeted unit sales of at least 10,000 a year for the brand. Alfa Romeo sells around 180,000 units a year. Maserati sells around a third of its production in North America, where Alfa Romeo is not present, suggesting that under Wednesday's deal Fiat may be able to improve distribution range for higher-margin products. Fiat Auto had an operating loss of just under 1 billion euros ($1.3 billion) in 2003, and is expected to post a loss of around 800 million euros ($1.04 billion) for 2004. The unit is targeting an operating breakeven in 2006.
Does this mean the end or Ferrari/Maser Dealerships ? If so, who is going to Honor Maserati Warranties ??? I may have to rethink my Purchase.
While I like the idea of Italian STAYING Italian, that deal is akin to a sinking ship taking on another anchor.
My guess is that you see either an outright deal with Audi or a sales agreement. The CEO of Audi/VW has loved Maserati for many years.
My guess is that most Ferrari salesman were sick and tired of actually having to work for a sale. Now they do not have to watch the parking lot as much.
from http://www.maserati.com Maserati: Transfer Of Ownership From Ferrari To Fiat 02/16/2005 Turin Fiat announces that the ownership of Maserati, currently wholly owned by Ferrari, will be transferred as soon as practicable to Fiat. The move forsees that Alfa Romeo and Maserati will co-operate closely technically and commercially particularly in important international markets. Maserati will, however, continue its co-operation with Ferrari especially in industrial, technical, engine and sales network terms which has helped re-vitalise the marque. This is a significant step forward for both Maserati and Alfa Romeo. The synergies between the two marques will bring benefits to both and will allow us to strengthen our portfolio offering in the sports car market said Luca Cordero di Montezemolo, Chairman of Fiat and of Ferrari. Maserati is now at a significant point in its development. In 2004 it achieved substantial sales growth to 4,600 cars and received tremendously positive international acclaim of its Quattroporte model. This move is essential to the future development of Alfa Romeo said Sergio Marchionne, CEO of Fiat. We believe that as part of the re-launch of Fiat Auto, we need to devote great attention to the distinctiveness of our brands. The technical and commercial collaboration between Maserati and Alfa Romeo will give the latter the necessary impetus to re-establish itself as a leading contender in its segment and to expand its presence in international markets, as has occurred for Maserati.
