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FCA launches Ferrari IPO

It's been a long time coming, but the moment is finally upon us: Ferrari is hitting the stock market. Its parent company Fiat Chrysler Automobiles has announced the launch of Ferrari's initial public offering – almost exactly a year to the day since FCA launched its IPO (pictured above). And with it, FCA is starting the process of separating the Maranello-based exotic automaker and racing team away from the rest of the Italian-American industrial empire. The plan filed with the US Securities and Exchange Commission (SEC) calls for FCA – which owns 90 percent of Ferrari – to float 17,175,000 common shares on the New York Stock Exchange. That amounts to nine percent of Ferrari's common shares. Another 1,717,150 common shares (equal to 1 percent) will be offered to the underwriters of the IPO. The remaining 80 percent interest in the Prancing Horse company will be separated from the rest of FCA and distributed to the parent company's shareholders – of which Exor, the Agnelli/Elkann family's holding company, is the largest, holding a stake of about 30 percent. Currently registered as New Business Netherlands NV, the company is soon to be renamed Ferrari NV. And while it's nominally based, like its (soon to be former) parent company, in the Netherlands, there's no reason to anticipate at this point that Ferrari will move its operating headquarters away from its current and historic home in Maranello, on the outskirts of Modena in Italy's "supercar valley." The IPO is expected to be priced at or around $50 per share (give or take a couple of bucks), which would value the company at around $10 billion. Trading won't actually commence, however, until all the SEC filings are complete. At that point, the company will be listed on the NYSE under the symbol RACE. And whether you yourself are actually interested in trading in Ferrari shares or not, that could be one of the best parts of the announcement. FCA Announces Launch of Ferrari Initial Public Offering LONDON, October 12, 2015 /PRNewswire/ -- Fiat Chrysler Automobiles N.V. (NYSE: FCAU / MI: FCA) ("FCA") and its subsidiary New Business Netherlands N.V. to be renamed Ferrari N.V. ("Ferrari") announce today that Ferrari has launched its initial public offering ("IPO").

Race Recap: 2013 Italian Grand Prix is mistakes, gremlins and metronomes [spoilers]

The low-downforce, 5.793-kilometer circuit in Monza, Italy is known as the Temple of Speed, but only a few of the qualifying performances would have clued you into it. Sebastian Vettel and Mark Webber in the Infiniti Red Bull Racing chassis' lined up first and second, and it didn't seem like Vettel had to work too hard to do so. Nico Hülkenberg truly lived up to his nickname, The Hulk, and put his Sauber third on the grid, a massive drive and turn-of-speed that even he didn't expect, especially with his teammate Esteban Gutiérrez down in 13th.
The rest of the top ten was what you might expect. Shenanigans at Ferrari ended up with Felipe Massa out-qualifying Fernando Alonso for fourth and fifth, a situation that led to Alonso calling his team either "stupid" or "genius," depending on how you translate his Italian, his sarcasm and his honesty. They were followed by Nico Rosberg in the Mercedes-AMG Petronas, the soon-to-be Infiniti Red Bull driver Daniel Ricciardo in the Toro Rosso, the McLaren duo of Sergio Perez and Jenson Button and the second Toro Rosso of Jean-Eric Vergne.
Why wasn't Kimi Räikkönen at Lotus in that group? Because his car only had the pace to make 11th on the grid, so he said. And behind him, Lewis Hamilton - who "drove like an idiot," in his words - in the second Mercedes.

Need For Speed Rivals announced for Xbox One and Playstation 4 [w/video]

Fresh from critical praise for the last installment in the series, Need For Speed: Most Wanted, Electronic Arts has formally announced that Need For Speed Rivals will be the next title in the series. Set to hit stores on November 19, the game will also be the first Need For Speed to be available on next-generation consoles Xbox One and Playstation 4, as well as the current Xbox 360 and Playstation 3.
The "rivals" in question for this NFS title are, of course, cops and street racers - nothing new there - but the gameplay is apparently getting a makeover. Players may choose to be racers, and live the life of evading cops, gaining infamy, videoing their slipperiest moves and earning Speed Points. They might also choose to play on the side of law enforcement; attaining higher ranks and faster police cars with more and increasingly challenging busts.
One big innovation in Rivals will be the use of a new play system called AllDrive. The concept is that a player can seamlessly move from playing in single player mode, to playing online with friends, without having to wait in a lobby or move through a menu interface. The game will merge one's play from single to multiplayer as your friends across the web go on and offline, and you can choose to interact with them or not, as you like.