Volkswagen Group has acquired 90 % of Ferrari N.V. for a sum of of $13 billion after buying out private shareholders and Exor N.V. Piero Ferrari will still retain his 10% in the company which faces major restructuring in coming weeks.
Speaking to GTspirit, VW’s Chairman of the Board of Management, Matthias Müller said that the deal comes after months of negotiating with Sergio Marchionne who has since resigned from his post as Chairman and CEO of Ferrari. Muller has been trying to get hold of Marchionne since February but the Ferrari CEO has foiled all efforts.
“The discussion to buy out Ferrari has been ongoing ever since the company separated from Fiat S.p.A in 2015,” said Muller. When asked if Marchionne was part of the deal, “Marchionne has proved very hard to deal with, i have no problem working with him, there is a post awaiting him at VW offices and we could use his knowledge to take VW Group to a new level,” he added.
Ferrari has just launched the 812 Superfast which is said to be the last N/A V12 from the Italian car maker. But that could change as VW wishes to keep the image of the prancing horse intact, including the N/A engines for another decade.
Full details of this report can be found on the Volkswagen site here.