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Fiat Chrysler begins Magneti Marelli spinoff

MILAN — Fiat Chrysler has kicked off its planned spinoff of parts maker Magneti Marelli, which will be registered in the Netherlands and listed on the Milan stock exchange, a document outlining initial plans and seen by Reuters showed. The spinoff is part of a plan by FCA Chief Executive Sergio Marchionne to "purify" the Italian-American carmaker's portfolio and to unlock value at Magneti Marelli similar to his earlier spinoff of Ferrari. Analysts say Magneti Marelli could be worth between 3.6 billion and 5 billion euros ($4.2 billion to $5.8 billion). It sits within FCA's components unit alongside robotics specialist Comau and castings firm Teksid. FCA has created a separate entity called MM Srl, the document showed, into which it will fold Magneti Marelli's electronics and electro-mechanical operations related to racing motorbikes and racing cars, as well as 14 other holdings in various companies around the world, including Germany, Slovakia, Mexico and South Africa. MM will be incorporated into a Dutch holding company via a cross-border merger, it added. FCA declined to comment. The move follows a similar procedure adopted by FCA for the spinoff and listing of Ferrari as well as of trucks and tractor maker CNH Industrial, both registered in the Netherlands and listed in Milan. The Dutch holding company would allow Marchionne, known for his success in extracting shareholder value through this strategy, to introduce a loyalty share scheme to reward long-term investors through multiple voting rights, as was the case with CNH and Ferrari. That would tighten the grip of FCA's controlling shareholder Exor, the Agnelli family's investment holding company, on the parts maker. Magneti Marelli, which employs around 43,000 people and operates in 19 countries, is a diversified components supplier specialized in lighting, powertrain and electronics. The Magneti Marelli separation is expected to be completed by the end of this year or early 2019, FCA has said. FCA's advisers initially looked at a possible initial public offering for the business to raise cash to cut FCA's debt, but the Agnelli family — FCA's main shareholder — was put off by low industry valuations and did not want its stake in Magneti Marelli to be diluted, three sources close to the matter told Reuters in March. Magneti Marelli has often been touted as a takeover target, and FCA has fielded interest from various rivals and private equity firms over the years.

Ferrari 250 GTO could fetch as much as $75 million at auction

Last month we reported on a Ferrari 250 GTO heading for the auction block at Pebble Beach. We knew at the time it would break records and bring in tens of millions of dollars. But now that the gavel is about to drop, it looks like even our projections could fall short.
According to a report on Bloomberg, citing the classic car authorities at Hagerty Insurance, the GTO in question (pictured above) could fetch upwards of $60 million and as much as $75 million when the auction takes place two days from now in Monterey, CA.
Hagerty's reported estimate would not only blow the previous records out of the water, but would eclipse the pre-sale estimate attributed to Bonhams, the auction house handling its sale, which placed its value between $30 million and $40 million.

Novitec shows off its version of the Ferrari 812 Superfast

It's hard to imagine improving upon the unbelievable Ferrari 812 Superfast, but Novitec now offers a way to do just that. Performance upgrades to the 789 horsepower 6.5-liter V12 are scheduled to come later, but there's no shortage of things you can tack on now. To begin, Novitec developed an aero package using carbon fiber. Developed in a wind tunnel, Novitec claims its package reduces front-axle lift after fitment of the front spoiler lip and surround for the center air intake. Carbon fiber rocker panels, a rear spoiler lip and carbon fiber rear fascia are all fitted to complete the carbon aero look. Novitec offers a lowering spring package that takes it down 1.37 inches, but improved dampers are not paired with. Since it's lowered, a lift kit can be installed, which can raise the front end by 1.57 inches with the press of a button. You'll be wanting this to save the very expensive carbon front lip we mentioned earlier. Larger wheels are added with a staggered 21-inch-front and 22-inch-rear setup. Novitec goes to the trouble of using a separate dye for each wheel so the shape of the spokes are tailored to the specific corner of the car the wheel goes on. This is cool because not only do you get a minute gain in brake cooling, but you also get to brag about your wild wheel setup. A couple different exhausts are available to make the 812 Superfast even louder than it already is. The one you'll want is made of Inconel, which is the same stuff used in Formula 1. This exhaust saves just over 24 pounds over the stock Ferrari exhaust system. A version with controlled exhaust flaps is possible, as well. We wish we could tell you how much a Novitec 812 Superfast costs with everything on it, but prices aren't available for it yet. Needless to say, Novitec knows it's pricing them for Ferrari owners, so you can bet everything will be expensive. A base 812 Superfast goes for about $335,000, but we imagine there aren't many of those in the world. Related video: