Ferrari files for share listing on the New York stock exchange
By Bloomberg
Fiat Chrysler Automobiles NV’s plan to raise money for expansion by spinning off Ferrari took a step forward with the automaker filing the unit’s initial public offering on the New York Stock Exchange.
Fiat Chrysler plans to list the supercar maker, which will be renamed Ferrari NV, the Italian-American manufacturer said in a filing with the U.S. Securities and Exchange Commission. The separation of Ferrari is targeted to be completed in early 2016.
The stock sale is part of Chief Executive Officer Sergio Marchionne’s strategy to raise about $5 billion to cut debt and help fund a 48 billion-euro ($53 billion) investment program that focuses on expanding the Jeep, Alfa Romeo and Maserati brands globally.
Fiat Chrysler announced plans last year to sell 10 percent of Ferrari in an IPO and distribute its remaining 80 percent stake in the supercar maker to its own investors. Piero Ferrari, the son of founder Enzo Ferrari, also owns 10 percent and plans to keep his holding.
UBS AG, Bank of America Merrill Lynch, Banco Santander SA and Pierce, Fenner & Smith are the joint bookrunners for the listing.
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