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No Ferrari IPO Until at Least Mid-October
Tax issues have delayed plans for an initial public offering of shares in Fiat Chrysler Automobiles NV's Ferrari unit for another five months.
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Tax issues have delayed plans for an initial public offering of shares in Fiat Chrysler Automobiles NV's Ferrari unit for another five months.
FCA CEO Sergio Marchionne tells reporters that tax rules prohibit a new listing for Ferrari for at least one year after FCA itself became listed on the New York Stock Exchange on Oct. 13, 2014.
The company announced shortly thereafter a plan to list 10% of Ferrari as shares for public purchase and distribute 90% to FCA's own shareholders. The IPO had been expected to launch in the first half of 2015.
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