Can’t afford a Ferrari? How about a share

Can’t afford a Ferrari? How about a share

 

Even if you can’t afford the price of a Ferrari, you are soon likely to be able to get your hands on a share of the prancing house.

An actual share – with Fiat Chrysler Automobiles announcing plans to split off the supercar maker and list 10% of it on the New York Stock Exchange.

The plan is expected to raise around US$1.15 billion, as the company tries to pay down nearly US$5 billion in debt.

The rest of the shares will be distributed to FCA shareholders when the public offering is made next year.

FCA shares jumped 15% on the announcement.

John Elkann, chairman of FCA, says the move will enable Ferrari to retain its Italian heritage – considering FCA is now a UK headquartered firm with operations around the world.

“I am delighted to have taken this additional step in the development of FCA,” Elkann says. “Coupled with the recent listing of FCA shares on the NYSE, the separation of Ferrari will preserve the cherished Italian heritage and unique position of the Ferrari business and allow FCA shareholders to continue to benefit from the substantial value inherent in this business.”

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