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Ferrari IPO could come any day now

According to Bloomberg, Fiat Chrysler Automotive Sergio Marchionne told reporters at the Toronto Global Forum that the Ferrari IPO could come any day now. "We are days away from filing the prospectus," said Marchionne, who declined to confirm whether rumors of involvement from UBS Group AG, JPMorgan Chase & Co and Goldman Sachs Group were accurate. In addition to an expected filing in New York, Marchionne hinted that a secondary filing could take place in Milan, Italy. Although the FCA Chief Executive didn't offer any expected sum for Ferrari, he had previously suggested that an IPO for the iconic Italian brand could be worth $1 billion, ringing the registers to the tune of 10 percent of the company's $11 billion valuation. According to Bloomberg, that potential sum is significantly higher than its own internal figures indicate after taking a poll of analysts who we assume must know a heck of a lot more about such things than we do. Considering how close we apparently are to the actual filing, though, we probably won't have to wait long to find out. Another hot topic any time Sergio is the subject of reporter questioning is a potential merger with General Motors or another large, full-line automaker. It seems there aren't any new revelations to reveal on the consolidation front, though Marchionne told reporters there were no plans to mount a hostile takeover of GM or any "other, less optimal" partners. Related Video: News Source: BloombergImage Credit: STR/AFP/Getty Earnings/Financials Chrysler Ferrari Fiat Sergio Marchionne FCA

Fiat Chrysler begins Magneti Marelli spinoff

MILAN — Fiat Chrysler has kicked off its planned spinoff of parts maker Magneti Marelli, which will be registered in the Netherlands and listed on the Milan stock exchange, a document outlining initial plans and seen by Reuters showed. The spinoff is part of a plan by FCA Chief Executive Sergio Marchionne to "purify" the Italian-American carmaker's portfolio and to unlock value at Magneti Marelli similar to his earlier spinoff of Ferrari. Analysts say Magneti Marelli could be worth between 3.6 billion and 5 billion euros ($4.2 billion to $5.8 billion). It sits within FCA's components unit alongside robotics specialist Comau and castings firm Teksid. FCA has created a separate entity called MM Srl, the document showed, into which it will fold Magneti Marelli's electronics and electro-mechanical operations related to racing motorbikes and racing cars, as well as 14 other holdings in various companies around the world, including Germany, Slovakia, Mexico and South Africa. MM will be incorporated into a Dutch holding company via a cross-border merger, it added. FCA declined to comment. The move follows a similar procedure adopted by FCA for the spinoff and listing of Ferrari as well as of trucks and tractor maker CNH Industrial, both registered in the Netherlands and listed in Milan. The Dutch holding company would allow Marchionne, known for his success in extracting shareholder value through this strategy, to introduce a loyalty share scheme to reward long-term investors through multiple voting rights, as was the case with CNH and Ferrari. That would tighten the grip of FCA's controlling shareholder Exor, the Agnelli family's investment holding company, on the parts maker. Magneti Marelli, which employs around 43,000 people and operates in 19 countries, is a diversified components supplier specialized in lighting, powertrain and electronics. The Magneti Marelli separation is expected to be completed by the end of this year or early 2019, FCA has said. FCA's advisers initially looked at a possible initial public offering for the business to raise cash to cut FCA's debt, but the Agnelli family — FCA's main shareholder — was put off by low industry valuations and did not want its stake in Magneti Marelli to be diluted, three sources close to the matter told Reuters in March. Magneti Marelli has often been touted as a takeover target, and FCA has fielded interest from various rivals and private equity firms over the years.

At St. Moritz, the Ferraris and Bugattis are small wonders

The Little Car Company is once again taking to glitzy St. Moritz in the Alps to show off an array of scaled-down automotive classics that will include a Bugatti Baby II, Ferrari Testa Rossa J (for junior) in both base and Pacco Gara models, and an Aston Martin DB5 Junior. The elegant, electrified miniatures, all available for test drives, will be assembled at the upcoming International Concours of Elegance at St. Moritz this Friday and Saturday to entertain the rich and famous, and others perhaps not so well positioned. The Little Car Company is a U.K.-based firm that has re-created everything from a pint-sized Bugatti Type 35 to a life-sized dune buggy based on a Tamiya R/C kit from the 1980s. Their cars run on electric power. Other models are put on static display, and one of those at St. Moritz is to be its newly launched Bentley Blower Jnr. "A step into new territory for the brand," the company says, the Blower Jnr is an 85 percent scale electric version of the British manufacturer's legendary original, and is The Little Car Company’s first road-legal automobile. Said CEO Ben Hedley, "This year will be the third time that we have participated in this wonderful event, so it is only right that we bring even more unique pieces for guests to get behind the wheel of, but also that we bring something new for guests to look at: the Bentley Blower Jnr." Operating for about five years, the Little Car Company hand-builds licensed products in entertaining partnerships with some elite manufacturers. Its cars are aimed mainly at collectors but can be driven. Among its recent offerings, the Testa Rossa was launched in 2021 as a 3/4-scale replica of the legendary "red head,” powered by a 12kW battery and able to reach a top speed of 47 mph, Little Car Company planned to build only 299 examples of the Testa Rossa. One of them was on display at Harrods in London just before Christmas, priced at just about $100,000. A terrific gift, but youÂ’ll need a bigger tree.   Featured Gallery The Little Car Company at St Moritz Design/Style Aston Martin Bentley Bugatti Ferrari Electric