Fiat Chrysler says it will spin off Ferrari sports car unit
By Bloomberg
Fiat Chrysler Automobiles NV plans to spin off Ferrari by selling 10 percent of the sports-car unit's shares and giving the rest of its 90 percent stake to its own shareholders.
The separation will be complete next year, the company formed from the merger of Italy's Fiat and U.S. automaker Chrysler said today in a statement. Ferrari shares will be listed in the U.S. and possibly also in Europe, the company said.
Ferrari and FCA need to "pursue separate paths" as FCA tries to increase its net income fivefold to about 5 billion euros in a five-year expansion plan targeted for completion in 2018, Chief Executive Officer Sergio Marchionne said in the statement.
Ferrari's previous chairman, Luca Cordero di Montezemolo, resigned last month after 23 years following a clash with Marchionne over strategy.
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