Fiat to take 90% position in Ferrari

Ferrari will soon be 90% Fiat's, Fiat chief executive Sergio Marchionne said. Italian news reports, covering Marchionne at the world auto show in Paris, quoted Marchionne as saying that at the end of the month, Fiat will acquire the 29 per cent share of Ferrari now held by Mediobanca, an Italian merchant bank. Marchionne told reporters that Fiat will pay "about 800 million euros ($A1.36 billion) for the shares, the Italian news agency ANSA said. Pierro Ferrari and the family own 10% of the company with no option for Fiat to purchase. They will never sell.