-
October 2024 M T W T F S S « Jan 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 -
NMeda: Motor sports is really for every one. Glad to know »
-
online spiele: Hi there, You have done a fantastic job. I will d »
-
Lily: I do not comment, but after looking at through a f »
-
jd: Reading this I was reminded of the book " »
-
John E.: Thanks. Perhaps you should consider "Guest Posting »
-
DARPA awards Phase 2 SBIR contract for HEV motorcycle prototype
January 20, 2015 By Neville -
Report: Hyundai to cut price of FCV in Korea to compete with Toyota
January 20, 2015 By Neville -
Nissan LEAF is best-selling EV in Europe for fourth year in a row
January 20, 2015 By Neville -
Ford of Europe designer Stefan Lamm joins VW’s Seat brand
January 20, 2015 By Sean -
Ford’s German production to raise as demand rebounds
January 20, 2015 By Sean
-
Ferrari will pay Fiat Chrysler €2.25 billion before its spinoff
Fiat Chrysler Automobiles estimates it will receive about €2.25 billion ($2.8 billion) from Ferrari before it spins off the supercar unit next year.
“Prior to the separation we also intend to enter into certain other transactions including distributions and transfers of cash from Ferrari currently estimated at €2.25 billion euros,” FCA said today in a filing with U.S. regulators.
FCA CEO Sergio Marchionne, who is also Ferrari’s chairman, plans to list 10 percent of Ferrari in the second or third quarter next year and distribute Fiat Chrysler’s remaining 80 percent holding to the London-based company’s own investors.
The spinoff is part of a bigger capital-raising plan that also includes a $2.5 billion convertible bond issue to help cut debt and fund an ambitious business plan at the world’s seventh-largest carmaker.
Marchionne says the measures will inject a total of €4 billion into the group.
Marchionne seeks to meld two regional carmakers into a single entity to challenge the likes of General Motors, Volkswagen Group and Toyota Motor Corp.
The CEO said last month that Ferrari would distribute a dividend to its shareholders before the spinoff and that Fiat Chrysler plans to transfer some debt to the supercar maker.
Fiat named JPMorgan Chase & Co., Goldman Sachs Group Inc., Barclays Plc and UBS AG as underwriters for a related $2.5 billion mandatory convertible bond, which will mature in 2016, according to the filing.
Ferrari Vice Chairman Piero Ferrari owns the remaining 10 percent of the company.