autopressnews.com car magazine, homepage banner

autopressnews.com/motiontrends.com
Since 2000
Automotive
Technology
Arabic articles for the press with a flexible payment system, per article or on a monthly basis (easy cancellation), as well as copy writing & translation for the industry. More...
Only samples are provided on this site. Jobs delivered to clients are never published on this site, unless otherwise agreed in advance.
Many more to see...
منذ العام 2000
تكنولوجيا السيارات
مواضيع للصحافة العربية (بالقطعة أو إشتراك، سهولة الشراء والتوقف) وترجمة أو تحرير لصانعي السيارات. لقراءة المزيد...
لا ينشر هذا الموقع إلا نماذج منوعة من مواضيع موشن ترندز منذ العام 2000. يسلّم إنتاجنا مباشرة الى الزبائن، من دون نشره في موقعنا، إلا في حال الإتفاق المسبق.
وهناك المزيد...

Abu Dhabi Mubadala gets 5 percent of Ferrari

Ferrari product development centre

Ferrari product development centre.

APN, PR,
27 July, 2005.

Ferrari and Mubadala Development Company - a principal investment company wholly owned by the Government of Abu Dhabi - have announced the purchase of a five percent stake in Ferrari by Mubadala from Mediobanca.

The deal sees Mubadala pay €114 million to purchase five percent of Ferrari from Mediobanca, valuing Ferrari at a total of €2.28 billion. The agreement provides also for an earn out in favour of Mediobanca in case the IPO of Ferrari is completed within the next 24 months, at a price ensuring to Mudabala an Internal Rate of Return above 10%.

"This is the first time that we, Fiat, have welcomed a non-financial institution to become a Ferrari shareholder. The key benefit of extending our shareholder base beyond traditional financial institutions will be a new opportunity for our development," said Luca di Montezemolo, Chairman of Ferrari and of Fiat (56% majority shareholder in the Italian luxury brand). "We know Mubadala is committed to being an extremely reliable, stable shareholder and partner to existing shareholders," he added.

"Moreover, the strategic alliance with Mubadala, and therefore the Government of Abu Dhabi, is set to bring us compelling and dynamic new strategies especially in the Middle East and North African markets. Our initial areas for consideration will range from the creation and development of road and racing car testing initiatives, along with professional driving schools through to the leveraging of opportunities around brand experiences and merchandising."

His Highness Sheikh Hamed bin Zayed Al Nahyan, Chairman of the Abu Dhabi Department of Planning & Economy said, "This is a sound financial and strategic investment on numerous levels. It continues our track record of being involved with premier global companies and brands who are the leaders in their fields."

"Importantly, it also meets our own investment objectives that include the creation of blue chip commercial partnerships that will directly and indirectly benefit the Abu Dhabi economy," he added.

"Through Mubadala, the Abu Dhabi Government has a track record of investment, involvement and positive contribution to premium projects and selected companies around the world. We are therefore proud of their involvement in Ferrari," added Mr. Montezemolo.

Piero Ferrari, who owns 10% of the company, stated: "I know Abu Dhabi well. I have had the opportunity to meet government representatives, His Highness and his family and I am therefore happy to welcome them into the Ferrari fold."

About Mubadala - Mubadala Development Company is a principal investment company wholly owned by the Government of Abu Dhabi, with a mandate to establish new businesses and acquire (wholly or partly) existing businesses either in the UAE or abroad.

Mubadala invests in a wide range of strategic sectors including energy, utilities, health, real estate, public-private partnerships, basic industries and services. The company’s goal is to diversify and further develop the rapidly growing economy of Abu Dhabi, while achieving solid returns on commercially viable investments.

Mubadala Development Company is chaired by His Highness, Sheikh Mohammed Bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi.

About Ferrari - Ferrari has long combined a legendary status on the world’s racing tracks with a talent for building unique high performance sports cars. World renowned for the sporting successes and technological excellence of its cars, the Prancing Horse company was founded by Enzo Ferrari in 1947 in Maranello, Italy.

Success came almost at once with stunning victories in the Le Mans 24 Hours Race of 1949 and the Formula 1 World Championships of 1952 and 1953. The huge leap in demand for the Prancing Horse’s GT road cars, as a result of the brand’s growing international prestige, led Enzo Ferrari to start the cooperation with Fiat.

Ferrari’s ongoing growth and development has been greatly boosted by the success of its cars in the world’s leading automotive markets, in particular the United States, Germany, Great Britain and, of course, Italy. Despite the fact that production has always been limited to just a few thousand cars a year, the need to invest in both racing and product development resulted in the Fiat Group increasing collaboration with Ferrari.

Luca di Montezemolo’s appointment as Ferrari’s President and CEO in 1991 quickly yielded further commercial and racing results. A brand new range of models, Ferrari’s winning of the Formula 1 Constructors’ World Title for the last six years running, and the Drivers’ Title with Michael Schumacher, for the last five, confirms the brand’s status and the ongoing nature of its achievements.

Ferrari now builds around 5,000 GT cars per year and is present in 52 markets worldwide. It maintains this presence both directly - through its subsidiaries in the United States, Germany, the United Kingdom, France (covering Spain, Portugal and Benelux) and Switzerland - as well as through joint ventures (China) and selected importers.

Ferrari currently produces the following models: 8 cylinders - F430 coupé and Spider; 12 cylinders - 612 Scaglietti, 575M Maranello and Superamerica.

In recent years, Ferrari has also begun actively developing the Prancing Horse brand through the granting of licences as well as the opening of a series of Ferrari Stores.