14:43:00
Fiat Chrysler Automobiles said on Thursday that it had filed with regulators to spin off Ferrari, the Italian luxury sports car maker, in an initial public offering in the United States.
The automaker said that it would seek to list the shares of the business, to be known as Ferrari N.V., on the New York Stock Exchange.
Fiat Chrysler said the number of shares to be offered and the potential price range had yet to be determined, but any proposed offering was not expected to exceed 10 percent of Ferrari’s outstanding shares.
It said that, after the offering, it expected to own about 80 percent of Ferrari, and about 10 percent would be owned by Piero Ferrari, the son of the Ferrari founder Enzo Ferrari, according to a filing with the Securities and Exchange Commission.
Fiat Chrysler intends to distribute its remaining shares in Ferrari to Fiat Chrysler’s shareholders after the initial public offering, the filing said.
The automaker first disclosed plans for an I.P.O. of Ferrari in October.
Last year, Fiat took full control of Chrysler, and the companies were merged into Fiat Chrysler Automobiles, forming the world’s seventh-largest automaker. Fiat had been Chrysler’s parent since shortly after Chrysler’s bankruptcy and government bailout in 2009.
Ferrari has been part of Fiat since 1969, when Fiat acquired a 50 percent stake in the automaker.
It is one of two luxury brands owned by Fiat, the other being Maserati. The brands are managed separately from Fiat’s mass-market auto and truck lines.
Fiat Chrysler sold 4.6 million automobiles and trucks in 150 countries in 2014. Its mass-market brands include Alfa Romeo, Chrysler, Dodge, Fiat and Jeep.
Founded in 1947, Ferrari makes luxury sports cars, including some models that sell for more than $1 million. It limits its production each year, enhancing its mystique.
It currently produces eight models, including the 488 GTB and the 458 Spider sport cars and the limited edition LaFerrari supercar. In 2014, Ferrari shipped 7,255 automobiles.
Ferrari also makes engines for Maserati.
The company posted a profit of 265 million euros, or about $289.5 million, on revenue of €2.76 billion in 2014, according to a filing with the S.E.C.
UBS is acting as global coordinator on the offering. Bank of America Merrill Lynch and Banco Santander also are acting as bookrunners on the offering.
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