FCA to put Ferrari on the market

[EZ 2B Green]

FYI:

From: Automotive News

Manufacturing » Fiat Chrysler Automobiles


Fiat Chrysler to spin off Ferrari, list 10% stake on market


Related Topics

Spin-offs
Sergio Marchionne
Fiat Chrysler Automobiles

October 29, 2014 - 9:13 am ET

MILAN (Reuters) -- Fiat Chrysler said today it would spin off luxury carmaker Ferrari and list a 10 percent stake on the market as it seeks to raise funding for its ambitious $61 billion growth plan.

The carmaker said the board had mandated its management to complete the spin-off next year. It said the remaining 90 percent would be distributed among FCA shareholders -- who include the Agnelli family that founded Fiat.

The group, which moved its own primary listing to New York on Oct. 13, expects the Ferrari shares to be listed in the U.S. and possibly a European exchange.

"As we move forward to secure the 2014-2018 Business Plan and work toward maximizing the value of our businesses to our shareholders, it is proper that we pursue separate paths for FCA and Ferrari," FCA CEO Sergio Marchionne said in a statement.