Fiat has bought an 8.4% stake in Ferrari back from Commerzbank for approximately €260 million (£175.5m).

The German bank said Fiat exercised an option which allowed it to buy back shares. Fiat sold 34% of shares to Italian bank Mediobanca in 2002 when it was facing a cash crisis. Mediobanca then sold on 10% of Ferrari to Commerzbank.

  • Fiat also exercised an option to buy back a 29% stake in Ferrari from Mediobanca for €892m (£602m) last week. Fiat now owns an 85% stake in Ferrari.