Montezemolo will only take top dollar (ANSA) - Florence, June 22 - Fiat Chairman Luca Cordero di Montezemolo admitted on Thursday that it would be hard for him to refuse a seven-billion-euro offer for Ferrari, in which Fiat holds a 56% stake .

Montezemolo was replying to the press who had asked him what he thought the luxury sports car company was worth after Fiat CEO Sergio Marchionne said on Wednesday put its value at no less than five billion euro .

"As always Marchionne was being realistic, if not a little conservative," Montezemolo added .

Marchionne made his estimate in connection with Ferrari's current efforts to buy back stock in the company it was forced to sell to Mediobanca when Fiat was in a cash crunch in 2002 .

The merchant bank acquired a 34% stake in Ferrari as a condition to extend the troubled Turin automaker a major loan .

Mediobanca almost immediately turned around and sold 10% of Ferrari to Commerzbank and last year sold 5% to Abu Dhabi's government-owned Mubadala Development Company .

Speaking on Wednesday, Marchionne said Ferrari would not seek to buy back the shares held by Mubadala .

Enzo Ferrari initially sold 50% of his company to Fiat in 1968 and the Turin group increased its stake to 90% in 1988, the year Ferrari's legendary founder died .

The Ferrari family retains a 10% interest in the company .

Fiat initially considered listing Ferrari on the stock market but repeatedly postponed this move because the market was weak .

It has now shelved the plan because a strong turnaround at Fiat Auto, which has returned a profit for the past two quarters, has taken pressure off the group .