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The Horse Is Loose Again: Fiat To Spin-Off Ferrari
In what appeared to be a sign of discord, Bloomberg reported in September that Ferrari Chairman Luca Cordero di Montezemolo was poised to leave the super-car maker because of a clash over strategy with the brand’s parent Fiat, proclaiming "Ferrari is now American," which represents "the end of an era." It now seems Marchionne's Fiat strategy to compete with Volkswagen's Lambo division is no set to fail as Bloomberg reports: FIAT CHRYSLER PLANS TO SPIN OFF FERRARI. Expected to list in US and European markets, the IPO of 10% of Ferrari is expected to be completed in 2015... another sign of the top?
As Bloomberg reported in September, there have been hints of discord...
Ferrari Chairman Luca Cordero di Montezemolo is poised to leave the super-car maker because of a clash over strategy with the brand’s parent Fiat SpA (F), people familiar with the matter said.
Montezemolo, who has led Ferrari for more than 20 years, may step down later this year, said three people, who asked not to be identified because the discussions are private. The executive has yet to agree on a severance package, and there’s no firm timing for him to leave, they said.
...
Montezemolo, who took charge of Ferrari in 1991, wants to maintain Ferrari’s autonomous status and limit sales to about 7,000 cars a year to preserve the brand’s exclusive allure. That clashes with Marchionne’s goal of having Ferrari bolster a shift by the group into upscale cars as part of Fiat’s merger with U.S. unit Chrysler Group LLC.
...
"Ferrari is now American,” which represents “the end of an era,” Montezemolo told close associates
Ferrari, which sold about 7,000 cars last year, accounted for about 12 percent of Fiat’s 2013 operating profit. The group sold about 4.4 million cars last year.
And now we find out that:
- *FIAT CHRYSLER PLANS TO SPIN OFF FERRARI
- *FIAT CHRYSLER TO MAKE PUBLIC OFFER FOR 10% OF FERRARI
- *FIAT CHRYSLER TO DISTRIBUTE REST OF FERRARI STAKE TO SHRHOLDERS
- *FIAT CHRYSLER PLANS TO LIST FERRARI IN U.S., EUROPE MKTS
- *FIAT CHRYSLER PLANS TO COMPLETE FERRARI SPIN OFF IN 2015
Italo-American car group Fiat-Chrysler Automobiles (FCA) said Wednesday it was going to spin off its racing car subsidiary Ferrari as part of plans to raise fresh capital for the business.
"The separation will be effected through a public offering of FCA's interest in Ferrari equal to 10 per cent of Ferrari's outstanding shares and a distribution of FCA's remaining Ferrari shares to FCA shareholders," a company statement said.
Ferrari shares were going to be listed in the United States and, "possibly," on a European stock market, FCA said.
FCA needs money to put into practice a five-year development strategy centred on the relaunch of Alfa Romeo, a venerable Italian car brand suffering from an outdated product range and shrinking sales.
"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," Fiat-Chrysler boss Sergio Marchionne said.
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Ferrari is now American. And Olive Garden serves good Italian cuisine.
...maybe should spin off the Pope instead... kill Religion...it would make Planet Earth a better place.
Godless communists are equally worse.
Seems to me that athiests have killed a hell of a lot more people than any religion. Your hate filled comment supports my argument.
Dr. Engali,
Your comment is fallacious, misleading and untrue. Stalin and Mao were atheists, yes, but they did not commit the atrocities that they did because of their atheism; such acts were committed for the pursuit and preservation of power. Atheism had nothing to do with it. And Hitler was a self-professed Christian, so there’s that. Killing religion means freeing people to think critically, a life without faith is life of strength because it requires self-awareness and self-reliance. No time wasted praying to Dr. Seuss or Yahweh or Allah or whatever fairy tale fantasy you're demented enough to ascribe to. Religion is an insult to man's cognitive ability, and your attribution of atheism to hate is an insult to your cognitive ability. You're no doubt an atheist to almost every single god that’s ever existed. Surely you don't believe in Thor, or Zeus, or Ra...An atheist just believes in one less bullshit deity than you do.
People have a right to their opinion. And people have an obligation to mock, ridicule and ostracize people for opinions that are ridiculous. Belief in an almighty all knowing all present creator is ridiculous.
"Atheism had nothing to do with it". Thanks for the belly laugh! Disbelief in an almighty all knowing all present creator is ridiculous. See how that works, pal?
Great news for the SRT Viper! Viper fans know why.
Can America spin off the federal reserve to Italy?
And what does it mean to be American? Can't even define that, so we go back to Volkswagen: 'The People's Car'. Yep, that sounds about right for today.
How about some "freedom fries" with the spaghettios?
How long until we see Ferrari at NASCAR? LOL.
Another IPO in the making?
This is clearly a bad sign for the economy.
LOL- ya, spin off the only part of your company that consistantly makes money, brilliant.....
Adios, F1.
Ferryssler?
Oh yes.Will work.
No Kerry jokes please.
I'm thinking of Levi jeans. I have an old pair that might be worth $500 on ebay, I paid $40.
"The executive has yet to agree on a severance package, and there’s no firm timing for him to leave, they said."
Why is it when I'm fired I don't get to agree on the timing nor the severance package?
You're a mook?
I was wondering about the Horse as I was reading that story the other day about invitation-only Ferraris -- the bespoke model ran completely counter to what Fiat was talking about in September in terms of ramping UP Ferrari production. Now it all makes sense.
Churn and burn baby.
Italo-American car group Fiat-Chrysler Automobiles (FCA) said Wednesday it was going to spin off its racing car subsidiary Ferrari as part of plans to raise fresh capital for the business.
What !!! Spin off the racing division? No way that's sacrilege and herisy right there. Alonso and Kimi will not be pleased, and what about the millions of rabid F1 ferrari fans?
what about the millions of rabid F1 ferrari fans?
They can only afford Ferrari keyrings anyway.
Marking 101: Know your market.
Well, there's a good chance Alonso won't be at Ferrari next year.
still watching the rumour/news out of F1 on where drivers will be for 2015 yet.
Luca was being coy. This is what he means by being American. Italians lost control when Agnelli died. The old man should have kept it in an Angnelli family trust. The Milan tribe worked this one out.
http://en.wikipedia.org/wiki/John_Elkann
Born in New York, United States, John Elkann is the first son of Alain Elkann, a journalist and writer of French Jewish and Italian Jewish background, and his then wife Italian Margherita Agnelli. His parents divorced in 1981 and both have re-married.
Elkann's maternal grandparents were the Italian socialite Marella Agnelli (born Donna Marella Caracciolo di Castagneto) and the industrialist Gianni Agnelli. His paternal great-uncle was the banker Ettore Ovazza.
Ever wonder why the Chrysler Fiat deal happened? Now you know. The tribe who controls Obola.
No mention of a connection to Ebola?
take another bonus assholez
Long live Vanina Vanini.
I wish I could be long pre 2014 Ferarri's. Right now I'm long one pre 1975 Buick Skylark
Rusty American iron, bitchez.
Ferrari is definitely associated with stockmarket tops:
Either through people buying them or through the "savvy maneuver" of going public.
Que the Chinese buyers and we are set.
What a shame. Will never buy a Ferrari. I will never buy a Mercedes after they merged with Chrysler. Fiat, fix it again Tony is a joke.
Stick with Lincoln and BMW. Fuck the rest. Rant off.
BMW has ruined a great car, the Rolls. It's comical what they thought a Roller should be - a Chrysler C300 inspired design with some extra added thug appeal.
Would love to see what their idiocy has done to sales.
Great idea, you can't sell everybody a Ferrari but you can sell everybody a ferrari share.
Gotta love Kimi.
www.youtube.com/watch?v=6MlsMVzrp2o
The new Ferrari 468 comes with optional hitch toe. Sad fucking racing icon gone tit's up. And I don't even support their cars. BMW all the way.
>>And what does it mean to be American? Can't even define that<<
I can define it: Detroit management running Ferrari.
Meanwhile, selling Ferarri to upgrade Alfa? Interesting!
http://m.youtube.com/watch?v=__KRHgxDe_0
Fuck off too a two million dollar Eurotrash bond crash. Buy the ultimate driving machine. BMW manufacturing is in South Carolina. Great facility to visit.
When did Jay Z join the design team at BMW?
BMW people who know of the M5 tend to be car people but they are not the general run of BMW owners. The general run of BMW owners are not car people, IMHO, and would not recognize a Ferrari (or M5) if it passed them on the road.
Setting aside Atomizer's interest in cars, it's very hard to talk exotics with BMW owners.
Just saying ... am I wrong?
No, you're not wrong. I just prefer a high output car that looks nice but not a exotic dick extender. Took me 10 years to ditch the two door preferably suitable car. Four door now works, as long as the hood screams bloody murder. Not the same 20 year old back in the day, still love the feel of Lincoln and BMW Power. 500+ horsepower is enough for me. Exotic cars push more, don't need it.
Again, 500 - 600 HP is my limit. I just survived spinal surgery. Life is grand.
Edit: I'am a die heart BMW owner. She crashed my V12 750li in the driveway. By accident. I'll get another one in time. We spend money on investments, rather depreciated BMW goods. Cannot argue with her. Mrs Atomizer has a valid point.
I'll get a M5 once given the green light. That's the success of a long term relationship. She knows that we are getting a M5. Let her say when.
Hell, barely drive the other fleet of cars in storage insurance status..
Greer, SC is the manufacturing site for their SUV line. Get a plant tour, the technology is mine blowing. Or watch the movie in the tourist section.
Agree on the power and four-doors. I like the grunt in my V8s. Will eventually buy a Lincoln, have a strange affinity for the black Town Car.
My Alfa burned up two years ago - very exciting. Bonding event as wife and I tried to put out the engine fire before the gas tank exploded.
My old land yachts (89 Silver Spur, 85 Maser QP) lack the pep of a modern BMW (or anything new) but they really come alive over 85 mph. Zero-60? Tell me about 75-100!
Where this topic crosses Zero Hedge is in the economics of old cars. People can't afford repairs. The young high earners in my office shop for Porsches, etc., on the basis of best warranty, service freebies, etc. They are horrified of owning a car out of warranty.
By the same token, poor people enter these lease deals out of fear of car ownership.
People, earn enough money to support the car you love. Isn't that what life is about?
Nothing wrong with living in the past. The sound of a Ferrari V12...
https://www.youtube.com/watch?v=c9Pr3Yhu3nY
If I were Fiat I'd spin off Ferrari, they are 10 to 20 years behind the technology curve now. Behind the fashion curve too. Porsche 918, baby.
Fiat just wants to make 3 million cars a year and sell them for $45,000 what could possibly go wrong. Just like putting a ford suspension on a Jaguar.
They'll have to pry those "accumulators" out of my cold, dead hands. Never understood what Detroit had against accumulator-based suspension.