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Abu Dhabi firm sells back 5 percent Ferrari stake

Abu Dhabi firm sells back 5 percent Ferrari stake

November 14th, 2010 in News

DUBAI, United Arab Emirates (AP) - An Abu Dhabi state investment company says it will sell back its 5 percent stake in Ferrari but hopes to continue working with the high-powered Italian automaker.

Mubadala Development Company confirmed the plans in a statement Sunday as the season-ending Abu Dhabi Grand Prix was getting under way in the Emirati capital.

The investment firm said Ferrari's parent Fiat exercised an option that gave it the right to buy back the stake Mubadala acquired in 2005. It says it's "in discussions to complete the transaction."

Mubadala didn't provide financial details. But Fiat's third-quarter results released last month show the deal cost it 122 million ($167 million).