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Ferrari officially files SEC paperwork to register future IPO

Late last year FCA announced plans to spin off Ferrari into a separate company, and after a long wait that process has finally become official. The Prancing Horse has now filed the necessary prospectus and other documents with the Securities and Exchange Commission to hold an initial public offering on The New York Stock Exchange. The paperwork doesn't mention a specific date for the Italian sportscar maker's IPO, but it's expected sometime in October. At this point, the documents also don't include some other vital data about the IPO. Ferrari lists neither the number of shares being offered nor their price. The company also doesn't have a stock symbol yet. UBS, BofA Merrill Lynch and Santander are acting as joint book runners for the deal. As part of the IPO, FCA initially intends to sell 10 percent of Ferrari's shares on the stock market. Another 10 percent of the company still belongs to Piero Ferrari. FCA is holding onto the remaining 80 percent in the short term for financial reasons but intends to distribute them to shareholders in early 2016. After the spin-off, about 24 percent of Ferrari would be owned by Exor, 10 percent by Piero Ferrari, and 66 percent by public shareholders, according to the SEC documents. FCA boss Sergio Marchionne believes that Ferrari could be worth over $11 billion. Although, his estimate might be slightly high. According to Reuters, Wall Street is actually putting the value somewhere between $5.5 billion and $11 billion. If you're thinking about investing in the company or just want to read the nitty-gritty about the brand's financial health, the entire SEC filing can be read here. Ferrari Files for Initial Public Offering LONDON, July 23, 2015 /PRNewswire/ -- Fiat Chrysler Automobiles N.V. ("FCA") announced today that its subsidiary, New Business Netherlands N.V. (to be renamed Ferrari N.V.), has filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission ("SEC") for a proposed initial public offering of common shares currently held by FCA. The number of common shares to be offered and the price range for the proposed offering have not yet been determined, although the proposed offering is not expected to exceed 10% of the outstanding common shares. In connection with the initial public offering, Ferrari intends to apply to list its common shares on the New York Stock Exchange.

Michael Schumacher's 50th birthday marked by celebrations, privacy

Against the backdrop of celebrations marking Michael Schumacher's 50th birthday on Thursday, the medical condition of Formula One's most successful driver remains just as fiercely guarded by his close family. More than five years after a near-fatal brain injury in a skiing accident, the seven-time F1 champion continues to be cared for in total secrecy at home in the quiet Swiss town of Gland on the shores of Lake Geneva. He has been there since being transferred from a hospital in September 2014. "You can be sure that he is in the very best of hands and that we are doing everything humanly possible to help him," Schumacher's family said in a rare statement Wednesday. "Please understand if we are following Michael's wishes and keeping such a sensitive subject as health, as it has always been, in privacy." It was while skiing with his teenage son Mick in the French Alps at Meribel that Schumacher fell on Dec. 29, 2013. He hit the right side of his head on a rock, splitting open his helmet. Doctors at Grenoble hospital removed blood clots, but others were left untouched because they were too deeply embedded in his brain. With unsourced stories abounding, updates on his condition went from scarce to non-existent as his family closed ranks around him . But the family understands the level of devotion toward Schumacher from his legions of fans. Coinciding with his birthday, the family is releasing the Official Michael Schumacher App offering a virtual museum tour of his greatest achievements. "The app is another milestone in our effort to do justice to him and you, his fans, by celebrating his accomplishments," the statement said. Seven titles Many of those accomplishments were with Ferrari, where the German driving ace won five of his seven F1 titles, in 2000 through 2004. (He won with Benetton in 1994 and 1995.) Ferrari is honoring his 50th with a special museum exhibition of his achievements at its Maranello headquarters in northern Italy. His stature is Ferrari folklore is immense, while his impact on F1 is unparalleled with perhaps the exception of the late Brazilian great Ayrton Senna. Schumacher's winners' aura was perhaps unfairly viewed from the outside as cold and distant, when in essence he was incredibly appreciative of those he worked closely with. In 2000, he delivered Ferrari from years of frustration with a first world title since Jody Scheckter in 1979.

Ferrari LaFerrari is beautifully redundant

The successor the Ferrari Enzo has officially bowed. Ferrari pulled the sheets back on the oddly named LaFerrari at the 2013 Geneva Motor Show, calling the machine the "maximum expression" of what defines the automaker. In this case, that includes a 6.3-liter V12 engine with 789 horsepower married to a 160-hp electric motor. The combination is good for a full 949 hp and 663 pound-feet of torque, and Ferrari says the LaFerrari can punch to 62 miles per hour in under three seconds. Keep your foot planted and 124 mph will click by in a scant seven seconds, while top speed sits at a lofty 205 mph.
Engineers turned to a total of four different types of hand-laminatated carbon fiber to create a chassis that's both stiffer and lighter than would have otherwise been possible. With a 41/59 weight distribution, carbon-ceramic brakes and ultra-light calipers, the LaFerrari is unlike anything we've seen from the company to date. The automaker says its creation is the fastest in its long history. You can take a look at the in-depth press release below for more information, and be sure to check out the model's new site here.