Fiat considers selling Ferrari shares

According to a rumour at the Paris Motor Show on Thursday, Italian carmaker Fiat is considering selling some of its shares in Ferrari and the famous Formula One team.

The rumour emerged a few days ago based on a report in the Corriere della Sera newspaper, suggesting Fiat wants to raise money to increase its stake in Chrysler to 51 per cent.

Fiat, who currently own 85 per cent of Ferrari, has denied the rumours that it is prepared to reduce its shareholding to a controlling 51 per cent.

The other significant Ferrari owner is Abu Dhabi investment company Mubadala.

Maranello based Ferrari is valued at more than $3 billion.

At the Paris motor show on Thursday, Ferrari president Luca di Montezemolo said the marque's profits were close to record highs in 2010.

"Despite the crisis we'll close the year better than last year," he said.

The Italian also played down the latest reports he is considering entering politics, insisting he is "ready to work a lot for the future of Ferrari".

Source: Motorsport.com