Divorces are never easy, but perhaps we can find some solace with regards to today’s high-profile celebrity-split.
Autoblog reports that Ferrari has just officially filed for its IPO (Initial Public Offering) separate from Fiat Chrysler Automobiles.
This move sees the realization of FCA’s revelation last year that Ferrari might spin-off into a separate entity, and while no date has been provided for when investors should expect an IPO from the prancing horse, it’s anticipated to occur sometime this October.
Initially after the divorce, Fiat Chrysler will keep around 80 percent of its Ferrari shares, leaving 10 percent with Piero Ferrari – son of the late Enzo Ferrari – and offering the last 10 percent up for public purchase. By early 2016, another 56 percent of FCA’s remaining shares will become available, leaving Italian investment holding company Exor with a 24 percent stake.
Exor SpA is already the majority shareholder in Fiat SpA and Fiat Industrial SpA.
Autoblog reports that Wall Street anticipates Ferrari to have a value somewhere between $5.5 billion and $11 billion at IPO, while FCA CEO Sergio Marchionne believes the Italian supercar-manufacturer could be worth even more.
No Comments yet