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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.

Fiat's Marchionne ponders Chrysler going public again

Fiat boss Sergio Marchionne says there's a real possibility that its majority-owned Chrysler Group may eventually return to the ranks of publicly traded companies. According to Bloomberg, the Fiat and Chrysler CEO gives that a "50 percent chance" of happening, but he doesn't appear to favor that scenario: "My preference is to be one single company... we belong together."
Marchionne has seemingly been operating under the assumption that Fiat will eventually own all of Chrysler, working to buy up the shares it doesn't own and looking to buy out the retiree trust fund that it shares Chrysler ownership with. Certainly, Chrysler going independent again would be increasingly difficult, as the companies continue to blend products, technologies, facilities and staffing, a trend started immediately after the Italian automaker became custodian of the brand following Chrysler's bankruptcy in 2009.
Marchionne's remarks to the media came at Chrysler's Kokomo, Indiana plant, where he was on hand to announce a major investment at four facilities in the state to build eight- and nine-speed automatic transmissions.

Fiat shareholders green-light Chrysler merger, end of an Italian era

Fiat has just taken a major step away from its Italian heritage, as shareholders officially approved the company's merger with Chrysler. That move will lead to the formation of Fiat Chrysler Automobiles NV, a Dutch company based in Great Britain and listed on the New York Stock Exchange, according to Automotive News Europe.
The company captured the two-thirds majority at a special shareholders meeting, although there are still a few situations that could defeat the movement. According to ANE, roughly eight percent of shareholders opposed the merger, which is a group large enough to defeat the plan, should they all exercise their exit rights outlined in the merger conditions.
Meanwhile, Fiat Chairman John Elkann (pictured above, right, with CEO Sergio Marchionne and Ferrari Chairman Luca Cordero di Montezemolo), the great-great-grandson of Fiat founder Giovanni Agnelli, reaffirmed his family's commitment to the company beyond the merger. Exor, the Agnelli family's holding company, still maintains a 30-percent stake in Fiat.