Fancy owning a chunk of one of the best known luxury sports car brands out there?
Ferrari is being spun off by its parent company Fiat Chrysler Automobiles (FCA) as it looks to ensure the group's “long-term success”, it was revealed today.
The spin off will include an IPO, with around 10 per cent of the car company's equity released to the market, with the rest going to current shareholders.
Ferrari shares will be listed in the US “and possibly a European exchange”, the company said. It is expected the move will take place next year.
FCA chief executive Sergio Marchionne said the move would “substantially strengthen […] FCA's capital base”.
He added: “Following our acquisition of the minority interest in Chrysler earlier this year, the transformation of Fiat and Chrysler into FCA was completed earlier this month with our debut on the New York Stock Exchange.
“As we move forward to secure the 2014-2018 Business Plan and work toward maximizing the value of our businesses to our shareholders, it is proper that we pursue separate paths for FCA and Ferrari,"
Chairman John Elkann added: “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. “
Investors seem to like the move – FCA's share price was up more than 16 per cent at pixel time.