Report: Marchionne admits Fiat may sell off Ferrari ahead of merger
Filed under: Chrysler, Earnings/Financials, Ferrari, Fiat
Sergio Marchonne, CEO of Fiat and the Chrysler Group, has stated that he is looking to raise some cash ahead of the upcoming Fiat/Chrysler merger. One possible way to do this? Reduce its 90 percent ownership stake in Ferrari through an IPO. Fiat estimates that Ferrari is currently worth $3.3 billion, and offering stock in the Italian sports car manufacturer could generate some serious coin.
Earlier in 2010, Marchionne had stated a Ferrari IPO was possible but that he also wanted the automaker to revert to its traditional 90 percent ownership stake. After a five percent stake purchase from Mubadala Development company, it got the 90 percent ownership stake it was looking for yet talk of the initial public offering seems to contradict Marchionne’s plans.
If the IPO does happen, we have a good idea who will be first in line with a briefcase full of hundreds.
[Source: Automotive News - sub. req. | Image: Massimo Pinca/AP]
Report: Marchionne admits Fiat may sell off Ferrari ahead of merger originally appeared on Autoblog on Tue, 16 Nov 2010 09:00:00 EST. Please see our terms for use of feeds.
Read | Permalink | Email this | Comments
View full post on Autoblog
Related posts:
