Fiat to buy out Maserati brand from Ferrari

Fiat is buying the luxury Maserati sports car brand from Ferrari – a company in which it already has a majority stake.

The Turin-based company said it was buying Maserati in a bid to find technological and commercial synergies to help develop its premium brand, Alfa Romeo.

Fiat’s unprofitable car-making division owns the Fiat, Alfa Romeo and Lancia brands. The Fiat group also has a 56% stake in Ferrari.

“This operation is essential for the future development of Alfa Romeo,” said Chief Executive Sergio Marchionne.

On Sunday, Fiat and US giant General Motors dissolved a 2000 partnership including an option that could have forced GM to buy the 90% of the Italian company it did not already own.

GM agreed to pay Fiat almost €1.4bn in exchange for cancelling the clause.