Fiat Bought Back 5% Stake from Mubadala
Fiat has already released _122 million and Dh612.8m in Arabian currencies to get back 5% stake in Ferrari which was handed over to Mubadala Development corporation long way back.
Abu Dhabi Government enjoys the ownership of Mubadala Development firm. After buying back the stake, the company expects that Fiat automobile industry will get 90% stake as a surplus. It will speed up the development and expansion of the business in the international market.
According to experts, Mubadala bought this sold stake long way back to 2005 for which this company paid _114m. Therefore, it is a profitable transaction as Mubadala has bagged total _8m in form of profits. The deal was finalized in peaceful manner. According to a company's spokesperson that both parties were agreed to settle the financial issues in timely manner.
Through a call option, the contract was signed by two companies. However the selling date has been extended twice as actual date of sale expired in July.
Fiat and Mubadala are happy to support the transaction. Finally, Seth Holmes, director of IMG Middle East sports and marketing company told reporters the deal was real and legitimate.
New Zealand News
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