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Ferrari raises $893M, valued at $12B

Ferrari's stock is moving as quickly on the New York Stock Exchange as the brand's iconic sports cars do on the road. The company's incredibly popular initial public offering has already raised $893.1 million by virtue of 17.18 million shares sold for $52 apiece. If the deal's underwriters buy in as well, the figure would grow to $982.4 million. Plus, even after shouldering some of FCA's debt, the automaker carries an enterprise value of $12 billion, Bloomberg reports. Just as the company starts trading on the New York Stock Exchange, the share price is already racing upward, too. As of this writing, Ferrari stock, which is listed under the symbol RACE, is priced at $57.59. At its high so far today, the value reached as high as $60.95. While Ferrari is looking strong, the big winner in this success looks to be FCA because the company should raise $4 billion in the spin-off, according to Bloomberg. With nine percent of the sports car maker on the NYSE and one percent for the underwriters, another 80 percent will be distributed to FCA investors in 2016. When that's through, Exor, the holding company for the Agnelli/Elkann family, should have the largest stake at about 30 percent. Piero Ferrari holds the remaining 10 percent and has no intention to sell it. Related Video: FCA Announces Pricing of Initial Public Offering of Ferrari N.V. Common Shares Fiat Chrysler Automobiles N.V. (NYSE: FCAU/MI: FCA) ("FCA") and its subsidiary Ferrari N.V. ("Ferrari") announce today the pricing of Ferrari's initial public offering of 17,175,000 common shares at an offering price of $52 per share for a total offering size of $893.1 million ($982.4 million if the underwriters exercise the option described below in full). The shares are expected to begin trading on the New York Stock Exchange on Wednesday, October 21, 2015, under the symbol "RACE", and closing of the offering is expected to occur on October 26, 2015. In addition, the underwriters have a 30-day option to purchase an aggregate of up to 1,717,150 common shares of Ferrari from FCA. The offering is intended to be part of a series of transactions to separate Ferrari from FCA. Following completion of this offering, FCA expects to distribute its remaining ownership interest in Ferrari to FCA shareholders at the beginning of 2016. UBS Investment Bank is acting as Global Coordinator for the offering.

Junkyard Gem: 1950 Chrysler Windsor Club Coupe

In 1950, shoppers in Chrysler showrooms had a choice between the low-end Royal, the midgrade Windsor, and the top-of-the-line New Yorker. This 1950 Windsor coupe managed to outlast nearly all of its contemporaries, finally coming to a halt in a wrecking yard just outside of Chicago. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. I stopped by this yard, Ashley's U-Pick-A-Part in Joliet, while I was working at the 24 Hours of Lemons Chicago race. When it comes to junkyard ambience, this one is nearly impossible to top (though Martin's Salvage in northeastern Colorado comes close), especially given its location: right across the street from the now-closed Joliet prison, best-known for its role in the opening sequence of " The Blues Brothers." Set on the grounds of an ancient, decaying factory, a large part of Ashley's inventory lives indoors in Rust Belt splendor. The star of the Chrysler section, this '50 Windsor has a place of honor and sits separate from your humdrum Avengers and Grand Cherokees. Because this is the Upper Midwest, the floors are more air than metal and big bites out of the rest of the car have been inflicted by the Rust Monster. Note the airbags inside the coil springs. The interior has long since been gutted, probably to live on in other, less rusty early-1950s Chrysler cars. The Windsor— and the body number makes it clear that this car did start life as a Windsor— came with a 251-cubic-inch Chrysler flathead six-cylinder engine. The New Yorker had a straight-eight flathead. V8s weren't available in Chryslers until the advent of the Hemi V8 the following year. This car may have had many engine swaps during its lifetime, but we have no way of knowing the details. Atop the rust and body filler, some lovingly applied stenciled-on flames. Someone felt proud of this car, even at the very end. Related Video: Featured Gallery Junked 1950 Chrysler Windsor in Illinois wrecking yard View 20 Photos Auto News Chrysler Automotive History Coupe 1950s

With contract expiration days away, UAW targets GM first for negotiations

The United Auto Workers union on Tuesday said that it would target General Motors as the first of the Detroit automakers for talks ahead of the current four-year contract's expiration on Sept. 14. This year's contract talks between the union and GM, Ford and Fiat Chrysler Automobiles NV are expected to be contentious as U.S. new vehicle sales are slowing and automakers face rising costs associated with the development of electric vehicles and self-driving cars. Rising healthcare costs, job security, profit sharing and the use of temporary workers are expected to be major sticking points. GM in particular has been a target of union ire since announcing the closure of five North American plants late last year. That move drew a wave of criticism, including from U.S. President Donald Trump. Trump has repeatedly prodded GM and last week said the No. 1 U.S. automaker should begin moving its operations in China back to the United States. "We are prepared and we are all ready to stand up for our members, our communities and our manufacturing future," UAW President Gary Jones said in a statement. In a statement, GM said, "We look forward to having constructive discussions with the UAW on reaching an agreement that builds a strong future for our employees and our business." The contracts come at a difficult time for the UAW, as a federal corruption investigation into the union continues to grow. Last week, the FBI conducted searches at Jones' home, a union retreat and multiple other locations, including the home of the union's previous president, Dennis Williams. To date, seven people linked to the union and the automaker have been sentenced in the government's corruption investigation. Reporting by Nick Carey.