The approaching listing of Ferrari on the New York Stock Exchange might bring a valuation for the ultra-luxury sports car maker of more than ten billion euros, said recently Fiat Chrysler Automobiles chief executive officer Sergio Marchionne.
FCA’s chief, Marchionne, who is also the chairman of Ferrari, has been hard at work spinning off the group from FCA NV, the third largest US carmaker and the world’s seventh largest automaker in part to fund its larger plan for the entire group. Last year the chief executive envisioned spending billions of euros to lift sales and jump profits as it pushed the Jeep sport utility vehicle brand into an ambassador position and relaunched the iconic Alfa Romeo brand. The Ferrari spin off will include a ten percent initial public offering in the United States while the rest of the stake will be distributed among existing FCA shareholders – in a bid to unlock increased value both for Ferrari and FCA.
The company being listed on the New York Stock Exchange will be the Dutch holding company of Ferrari, commented the chief executive as he discussed the issue with media representatives on the sidelines of the recent introduction of the updated version of the popular Fiat 500 subcompact hatchback. Marchionne also confirmed the company’s financial targets for the year, even as he turned a worried eye on the situation in Greece.