Rome: Ferrari, whose snazzy red racing cars, ultra-expensive sports cars and Formula One champions are the pride of Italian auto racing fans, will soon be all Fiat's, Fiat chief executive Sergio Marchionne said.
Italian news reports, covering Marchionne at the world auto show in Paris, on Thursday 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 $ 1 billion" for the shares, the Italian news agency ANSA said.
The executive took the reins of Fiat, Italy's flagship automaker, in 2004 and led the struggling company to profitability in 2005.
He was quoted as saying in Paris that Fiat estimates it will sell more than 3 million cars in 2010.
The automaker has been introducing new models in its bid to turn around its fortunes, which have been battered by competition from European and Asian car manufacturers.
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