Ferrari makes its debut on the stock exchange
Source : Ferrari makes its debut on the stock exchange
Supercar company has commenced trading on the brand new York stock exchange as a standalone company
Ferrari has officially commenced trading as a standalone company on the brand new York Stock Exchange, with around 10% of the company offered for sale.
The Ferrari chairman Sergio Marchionne commenced the day’s trading on Wall Street by ringing the bell at the NYSE, in addition to also that will has been confirmed that will the company will use RACE as its ticker symbol for its listing on the exchange.
Ferrari is actually offering 17,175,000 shares initially, at a starting cost of $52 a share. The offering is actually set to close on 26 October in addition to also is actually described as being part of a series of transactions to separate Ferrari by Fiat Chrysler Automobiles. A statement confirmed that will: “FCA expects to distribute its remaining ownership interest in Ferrari to FCA shareholders at the beginning of 2016.”
Sergio Marchionne, boss of FCA in addition to also more recently Ferrari, said recently: “Following our acquisition of the minority interest in Chrysler earlier This kind of year, the transformation of Fiat in addition to also Chrysler into FCA was completed earlier This kind of month with our debut on the brand new York Stock Exchange.
“As we move forward to secure the 2014-2018 Business Plan in addition to also work toward maximising the value of our businesses to our shareholders, that will is actually proper that will we pursue separate paths for FCA in addition to also Ferrari.”
FCA currently owns 0 per cent of Ferrari, while the different 10 per cent is actually owned by Piero Ferrari – the only living son of Enzo Ferrari.
A total of 10 per cent of FCA’s interest in Ferrari will be offered to public investors. The remainder will be distributed among FCA shareholders.
that will’s expected that will Ferrari shares will be listed within the US, in addition to also potentially on a European exchange, in 2015.
John Elkann, Chairman of FCA, added: “Coupled with the recent listing of FCA shares on the NYSE, the separation of Ferrari will preserve the cherished Italian heritage in addition to also unique position of the Ferrari business in addition to also allow FCA shareholders to continue to benefit by the substantial value inherent in This kind of business.”
The value of FCA’s stock jumped over 5 per cent following the announcement.
Luca Cordero di Montezemolo, chairman of Ferrari since 1991, recently resigned by his position in addition to also was replaced by Marchionne. At the time, he said: “Ferrari will have an important role to play within the FCA Group within the upcoming flotation on Wall Street.
“This kind of will open up a brand new in addition to also different phase which I feel should be spearheaded by the CEO of the Group.”
There were rumours, however, that will Montezemolo in addition to also Marchionne had clashed over the future of Ferrari.
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