From the Richemont site:
RICHEMONT AND FERRARI
Ferrari and Richemont have agreed to enter into an exclusive license agreement
for the development, manufacturing and distribution of watches by Richemont
under the Ferrari brand;
Panerai, the Italian historical brand recognised for the high quality, technology
and style of its timepieces, will be responsible for the development of haute
horlogerie Ferrari watches following the concept ÄúFerrari engineered by PaneraiÄù;
Panerai will present its first collection of Ferrari watches in spring 2006;
Panerai will be appointed ÄúOfficial Timekeeper to FerrariÄù with immediate effect.
Read the official pressrelease here.