THE ownership of Maserati is being transferred from Ferrari to the Fiat Group.

Fiat executives say the move will allow Alfa Romeo and Maserati to co-operate closely, both technically and commercially, particularly in important international markets.

A company spokesman added that Maserati will continue its co-operation with Ferrari, especially in industrial, technical, engine and sales network terms.

Luca Cordero di Montezemolo, chairman of Fiat and Ferrari, said: 'This is a significant step forward for both Maserati and Alfa Romeo. The synergies between the two marques will bring benefits to both and will allow us to strengthen our portfolio offering in the sports car market.'