Yesterday was a glum day indeed for Singer & Friedlander’s Mike Whitaker who advised the company to build a 49% stake in Ferrari Holdings Plc, for Ferrari suspended its shares at five pence pending clarification of the company’s financial position. Ferrari had been hoping to merge fairly quietly with cash-rich Touchstone (CI No 1,565) reportedly at the instigation of Whitaker, but then Stratagem Plc walked into focus and after a dramatic struggle during which Getronics NV played white knight and negotiations with Ferrari were postponed, Stratagem walked off with the prized Touchstone and clearly has no intentions of succouring the ailing Ferrari.
