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Ferrari shares to be put up for auction
Fiat Chrysler Automobiles (FCA) announced the spin-off of Ferrari into a separate company and will list 10% of its shares on the stock exchange. The remaining 90% of the shares of the new company will be distributed among FCA shareholders.
The initial public offering of Ferrari shares is scheduled for 2015 on one of the US stock exchanges, according to Bloomberg. It is possible that the company's securities will also be presented on European trading floors.
After the announcement of the allocation of Ferrari in a separate company, FCA shares rose by 19%.
The funds received from the sale of a 10% stake in Ferrari are planned to be used to finance a five-year reorganization plan for the FCA, which is estimated at 48 billion euros.
- In October 2014, Ferrari left Luca di Montezemolo, who had run the company for 23 years. In the past few years, di Montezemolo has been at odds with FCA CEO Sergio Marchionne over Ferrari's development strategy. Marchionne was in favor of increasing sales of Ferrari, di Montezemolo insisted on maintaining the exclusivity of the brand, including by limiting sales to about 7 thousand cars a year. After the departure of di Montezemolo, the FCA CEO himself took over as head of Ferrari.
- Ferrari was founded in 1928 as a luxury sports car company. The Fiat Ferrari concern has been owned since 1989.