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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.

2018 Honda Odyssey bests Pacifica, Sienna in minivan crash, LATCH tests

Honda has a lot to be proud of following the latest round of passenger small-overlap crash testing by the IIHS. The safety organization tested the 2018 Honda Odyssey, 2018 Chrysler Pacifica and 2018 Toyota Sienna, and the Odyssey managed the best rating of "Good." The Pacifica followed behind with an "Acceptable" rating, and the Sienna brought up the rear with just a "Marginal." Both the Pacifica and Sienna lost points because the structure around the passengers collapsed to differing extents, leading to parts of the structure intruding into the passenger compartment. The Pacifica didn't intrude enough to harm passengers, with each injury area still having a Good rating, but the Sienna's structure intruded far enough to potentially harm the leg and foot areas, leading to an Acceptable rating in those specific areas. In addition to the small overlap crash test, the IIHS evaluated all three minivans for LATCH child seat anchor ease of use. Once again, the Odyssey aced the test with a Good+ rating, which is awarded for both ease of use and offering multiple anchor point options. The Pacifica and Sienna swap the crash test ratings, with a Marginal for the Chrysler and an Acceptable for the Sienna. The Odyssey and Pacifica can both brag that they're Top Safety Picks, and they'd get Top Safety Pick+ awards if they weren't hampered by headlights that only get Acceptable ratings. The Toyota Sienna fails to earn the regular Top Safety Pick award because both small overlap tests yielded results that were too low. Only one other minivan tested by IIHS has the Top Safety Pick rating, and that's the Kia Sedona. It earns an Acceptable rating in LATCH usability, and its headlights actually earned a Good rating. It hasn't undergone passenger-side small overlap crash testing yet. If it fares well, it could get bumped up to a Top Safety Pick+ rating. Related Video: Image Credit: IIHS Chrysler Honda Toyota Safety Minivan/Van consumer toyota sienna chrysler pacifica IIHS Top Safety Pick

Chrysler and Fiat offering $1,000 rebates to VW owners as Marchionne gets tough

The throw-down between Fiat CEO Sergio Marchionne and Volkswagen has heated up in earnest. According to Bloomberg, Fiat and Chrysler are now offering current Volkswagen owners in the US $1,000 rebates to trade in their ride. It's the latest in a series of shots Marchionne has taken at his German rival. As you may recall, the Fiat executive entered into a spat with Volkwagen board chairman Ferdinand Piëch and CEO Martin Winterkorn in October after the duo called for Marchionne's resignation from presidency of the European Automotive Manufacturers Association (AECA). At the time, the Volkswagen executives were quoted as saying Fiat would not survive the European economic downturn.
In response, Marchionne called the German executives "reprehensible," and accused Volkswagen of using a pricing strategy that has created created a "bloodbath" in the EU. Volkswagen has taken to steep discounting to carve out ever-larger slices of market share in Europe, but the company has a much smaller foothold in the US. Marchionne may be trying to hit Volkswagen where the manufacturer is weakest with the new Fiat new incentive program.
Late last week, the Fiat executive was voted to a second term as ACEA president.