Ferrari to float on stock exchange
Italian supercar creator Ferrari is expected to float on the stock market at the end of the year. It will have a value of ‘at least’ €10bn (£7.1bn) when it is floated, according to Sergio Marchionne, chief executive of Fiat Chrysler, the luxury marque’s owner.
The chief executive and architect behind the plan, said last year that Fiat Chrysler would list a 10 per cent stake in Ferrari and distribute the remaining shares to Fiat Chrysler shareholders. Piero Ferrari, son of founder Enzo, also has a 10 per cent stake and aims to hold on to his shares.
The money raised will help Fiat Chrysler to fund a big investment in new models. The company plans to sell 7m cars a year by 2018.
Ferrari will list on the New York Stock Exchange, but for tax purposes will be resident in the UK, although Sergio said all that its operations would continue to remain in Italy.