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Ferrari officially files SEC paperwork to register future IPO

Late last year FCA announced plans to spin off Ferrari into a separate company, and after a long wait that process has finally become official. The Prancing Horse has now filed the necessary prospectus and other documents with the Securities and Exchange Commission to hold an initial public offering on The New York Stock Exchange. The paperwork doesn't mention a specific date for the Italian sportscar maker's IPO, but it's expected sometime in October. At this point, the documents also don't include some other vital data about the IPO. Ferrari lists neither the number of shares being offered nor their price. The company also doesn't have a stock symbol yet. UBS, BofA Merrill Lynch and Santander are acting as joint book runners for the deal. As part of the IPO, FCA initially intends to sell 10 percent of Ferrari's shares on the stock market. Another 10 percent of the company still belongs to Piero Ferrari. FCA is holding onto the remaining 80 percent in the short term for financial reasons but intends to distribute them to shareholders in early 2016. After the spin-off, about 24 percent of Ferrari would be owned by Exor, 10 percent by Piero Ferrari, and 66 percent by public shareholders, according to the SEC documents. FCA boss Sergio Marchionne believes that Ferrari could be worth over $11 billion. Although, his estimate might be slightly high. According to Reuters, Wall Street is actually putting the value somewhere between $5.5 billion and $11 billion. If you're thinking about investing in the company or just want to read the nitty-gritty about the brand's financial health, the entire SEC filing can be read here. Ferrari Files for Initial Public Offering LONDON, July 23, 2015 /PRNewswire/ -- Fiat Chrysler Automobiles N.V. ("FCA") announced today that its subsidiary, New Business Netherlands N.V. (to be renamed Ferrari N.V.), has filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission ("SEC") for a proposed initial public offering of common shares currently held by FCA. The number of common shares to be offered and the price range for the proposed offering have not yet been determined, although the proposed offering is not expected to exceed 10% of the outstanding common shares. In connection with the initial public offering, Ferrari intends to apply to list its common shares on the New York Stock Exchange.

Junkyard Gem: 1965 Plymouth Belvedere Race Car

I've found the occasional retired race car during my junkyard travels, but most of them have been fairly modern machines. Today's Junkyard Gem is a different sort of racing remnant: an ancient dirt-track beast that probably last saw service more than 40 years ago, found in a Denver-area yard last summer. It's really just a gutted shell that sat outdoors for decades after its final competition, but you can still catch glimpses of its past here and there among the rust spots and peeling paint. The rear quarters clearly identify it as a 1965 Plymouth B-Body two-door sedan. The 1965 B-Body Plymouths were sold as three models: the upscale Satellite, the mid-level Belvedere II, and the El Cheapo Belvedere I. The shadow of a Belvedere badge on the fender found inside the car indicates that at least the fender came from a Belvedere I (the way race cars — especially those that compete on dirt — whack into each other, we can assume this is the 19th fender affiliated with this car). Belvedere fenders were easy to find in junkyards until about 40 years ago, and the faded sponsor stickers indicate that this car last raced around that time. You can still buy new "Turbo Action" valve bodies for Chrysler automatic transmissions, by the way. Likewise, CRC 5-56 lubricant still exists. The "OZONE SAFE" label on the can suggests that this sticker is of late-1970s-to-early-1980s origin. The roll cage is old-school for sure, particularly the lack of door bars. The Denver area once had many race tracks, including Overland Park and Englewood Speedway (both very close to this Plymouth's final parking space), but they had closed long before the 1980s. Lakeside Speedway was in business  until 1988 (and still stands today, sort of) but that dirt oval hosted mostly midget races during its final 30 years of operation. Perhaps Colorado Springs International Speedway, which closed in 1985, was this car's final race venue. There's one sponsor that suggests an origin far from the Mountain Time Zone. I can't make out the company name (other than what might be a snippet including "oluce"), but it appears to be an institutional food business in Houma, Lousiana. It's possible this car was bought in Louisiana and brought to Front Range Colorado, where it rusted away in a yard or field. There's not much left, but it's one of the many types of automotive history I like to document in this series.

Renault wants to merge with Nissan, then go after Fiat Chrysler

The late Sergio Marchionne used to say consolidation would be the only way to compete against the biggest global carmakers. The company looks certain to fulfill that goal, but perhaps not in the way he intended. The Financial Times reports that Renault wants to begin merger talks with Nissan in the next 12 months. Assuming a merger gets completed, the plan is for the combined company to then pursue another merger, with Fiat Chrysler a prime target. Renault, Nissan, and Mitsubishi have been busy since cutting ties with ex-alliance boss Carlos Ghosn. They formed a new alliance board with Renault chairman Jean-Dominique Senard at the helm, Renault has shrunk the size of its board while Nissan added more outside directors, and the two agreed to a new governance structure to ease operational decision making. All three automakers have walked away from Ghosn-era goals to sell 14 million cars and find 10 billion euros in savings by 2022. New strategic plans for all three car companies are in the works. With stability in sight, it's said Senard wants to succeed where Ghosn failed — a full-fledged merger between Renault and Nissan with talks to begin "as soon as possible." Ghosn's pursuit of a merger last year in attempt to make the 20-year-old alliance "irreversible" is part of what led to his downfall, with Nissan executives including CEO Hiroto Saikawa against the push. The new effort is presented as larger scale being the only way for the alliance to take on companies like Volkswagen and Toyota. But the Nissan-Renault-Mitsubishi trio sold 10.76 million cars around the world last year, second to Volkswagen with 10.83 million sales, ahead of Toyota with 10.39 million. If Nissan hadn't suffered a 2.8 percent dip in sales, the alliance would have taken the top spot. If a little scale is good that means more is better, right? Pulling Fiat Chrysler into the alliance would add around 5 million annual sales, and would be another move in Ghosn's footsteps. The former honcho is said to have "held talks with FCA" about some kind of union within the past three years. The French government, which has a 15 percent stake in Renault and double voting rights, shut down the initiative. It's not clear if FCA will be an independent company by the time a potential Nissan-Renault merger closed, though.