Marchionne wants to raise money from the sale of Ferrari stock to fund his ambitious, five-year plan to expand FCA globally into an automaker that sells 7 million cars and trucks annually.
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FCA chief executive and Ferrari chairman Sergio Marchionne believes Ferrari is worth at least €10 billion and should be priced as a fully-fledged luxury goods stock.
Automobile major Fiat Chrysler Automobiles (FCA) is on the verge of taking a final call on whether to divest its auto parts wing Magneti Marelli in the face of potential buyers expressing interest.
Piero Ferrari, the son of founder Enzo Ferrari, is set to hold on to his 10% holding.
Its filing with the US Securities and Exchange Commission (SEC) did not specify the share price range nor the number of shares to be offered, but FCA said it was “not expected to exceed 10 per cent of all ordinary shares”. Ferrari’s balance sheet as of March 31 included 977 million euros in deposits that belong to Fiat Chrysler’s cash pool, according to the filing.
The luxury carmaker is aiming to become a €10bn (£7bn) separate company, Ferrari NV, by early next year.
Soon, you’ll be able to say you own a part of Ferrari, probably history’s most-recognizable vehicle brand – and one of the world’s strongest brands of any kind.
Ferrari may apply for a secondary listing in Milan. Since just after the bankruptcy of Chrysler in 2009, Fiat has been its parent company. UBS is sole global coordinator.
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Bank of America Merrill Lynch and Santander are also on the deal as joint bookrunners, though Ferrari surprised some in the market by leaving off JP Morgan and Goldman Sachs.
