Fiat-Chrysler to spin off Ferrari

  • 29-Oct-2014 01:12 EDT

Ferrari's mid-engine, rear-wheel-drive 458.

Fiat Chrysler Automobiles N.V. (FCA) on Oct. 29 announced its intention to sell its Ferrari S.p.A unit. The separation will be effected through a public offering of FCA's interest in Ferrari equal to 10% of Ferrari's outstanding shares and a distribution of FCA's remaining Ferrari shares to FCA shareholders. The transactions are to take place during 2015, and the company expects that the Ferrari shares will be listed in the United States and possibly a European exchange. Earlier this month Fiat completed the acquisition of Chrysler. "As we move forward to secure the 2014-2018 Business Plan and work toward maximizing the value of our businesses to our shareholders, it is proper that we pursue separate paths for FCA and Ferrari," FCA CEO Sergio Marchionne said in a statement. "The Board supports management's determination that this transaction represents FCA's best course of action to support the long-term success of the Group while at the same time substantially strengthening FCA's capital base."

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