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FCA to Get €2.3 Billion from Ferrari
Fiat Chrysler Automobiles NV expects to collect nearly €2.3 billion from its Ferrari supercar unit before spinning off the iconic company in 2015.
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Fiat Chrysler Automobiles NV expects to collect nearly €2.3 billion from its Ferrari supercar unit before spinning off the iconic company in 2015.
FCA describes the windfall as the result of distributions and cash transfers. The company plans to list 10% of Ferrari in mid-2015 and distribute 80% to FCA's own investors. The remaining 10% will be retained by Ferrari Vice Chairman Piero Ferrari.
The spinoff is part of CEO Sergio Marchionne's plan to inject €4 billion into FCA to help fund a very aggressive new-product and sales expansion initiative. The strategy includes issuing €2 billion ($2.5 billion) in convertible bonds.
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