Fiat to Spin Off Ferrari
Source: The Wall Street Journal.
Earnings
By Deborah Ball And Eric Sylvers
Updated Oct. 29, 2014 9:29 a.m. ET
MILAN— Fiat Chrysler Automobiles NV said Wednesday its board has decided to spin off Ferrari SpA and will float 10% of the luxury-car brand.
FCA plans to list Ferrari next year in the U.S. and possibly a European exchange as well. The plan is aimed at raising money to help finance FCA’s ambitious €48 billion ($61.12 billion) five-year plan.
The news comes little more than a month after Luca Cordero di Montezemolo stepped down as chairman of the brand after 23 years. According to people familiar with the situation, Mr. Montezemolo had long opposed an initial public offering of Ferrari.
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Write to Deborah Ball at deborah.ball@wsj.com and Eric Sylvers at eric.sylvers@wsj.com
Read more: http://online.wsj.com/articles/fiat-posts-flat-profit-as-european-losses-cancel-out-gains-in-north-america-1414588494
At last! Now I can call off my boycott.
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