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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.

SRT pulling Vipers out of Le Mans

Last year, Chrysler campaigned a pair of SRT Viper GTS-Rs in the 24 Hours of Le Mans. It was the first time Auburn Hills had sent a team to the famous French endurance race since 2000, when the Viper ended a three-year winning streak in the GTS class. It finished in 24th and 31st places, woefully behind the Porsche 911 RSR that won the LMGTE Pro category. But this year it won't be back. According to a report from Sportscar365 citing a statement issued by SRT chief Ralph Gilles, the outfit turned down its invitation from the ACO that organizes the race, ending what could have been a multi-year campaign. Instead it's opting to focus on its Stateside campaign in the United SportsCar Championship. SRT sent Autoblog the following statement: "We regretfully and respectfully decline to participate in this year's 24 Hours of Le Mans," said Ralph Gilles, President and CEO of SRT (Street and Racing Technology) Brand and Motorsports, Chrysler Group LLC. "We are honored to once again be invited by the ACO (Automobile Club de l'Ouest) to compete in this historic event, and they were the first to be informed of our decision. We will remain focused on our North American racing program in 2014." In its place, the Ferrari 458 fielded by JMW Motorsport will be invited to fill the last slot in the class, leaving only the Corvette and Dempsey Racing entries to represent the United States in the race this year. "Hopefully, we'll continue to go to Le Mans for many years to come," as SRT's marketing chief Beth Paretta put it when announcing the effort a year ago, "but as a sports-car fan, if you can make the trip even once, it's worth it."

Judge refuses to reconsider GM lawsuit against Fiat Chrysler

A federal judge in Detroit said Friday that he will not reconsider his July dismissal of General Motors’ racketeering lawsuit against Fiat Chrysler Automobiles. U.S. District Judge Paul Borman wrote in an opinion that new evidence presented by GM regarding bribes and foreign bank accounts “is too speculative to warrant reopening” the case. Borman also ruled that the earlier dismissal of the case was not done in legal error. GM alleged that FCA used foreign bank accounts to pay bribes to former United Auto Workers Presidents Dennis Williams and Ron Gettelfinger, as well as Vice President Joe Ashton. It also alleges that money was paid to GM employees including Al Iacobelli, a former FCA labor negotiator who was hired and later released by GM. GM said the payments were made so the officials would saddle GM with more than $1 billion in additional labor costs. “Even if the affidavits establish that these foreign bank accounts exist, that fact does not rise to the inference advanced by GM, that FCA was more-than-likely using the bank accounts to bribe UAW officials,” BormanÂ’s order stated. GM said Friday that it would appeal BormanÂ’s ruling to the Sixth Circuit Court of Appeals. “TodayÂ’s decision is disappointing, as the corruption in this case is proven given the many guilty pleas from the ongoing federal investigation,” GM said in a statement. “GMÂ’s suit will continue — we will not accept corruption.” FCA lawyers wrote in court documents that allegations it bribed union officials are “preposterous” and read like a script from a “third-rate spy movie.” Gettelfinger denied the allegations in a statement and said he had no foreign accounts. WilliamsÂ’ California home was raided by federal agents but he has not been charged. Iacobelli, who is awaiting sentencing in the federal corruption probe, also denied the claims. “Judge BormanÂ’s ruling this morning once again confirms what we have said from the beginning — that GMÂ’s lawsuit is meritless and its attempt to submit an amended complaint under the guise of asking the court to change its mind was nothing more than a baseless attempt to smear a competitor that is winning in the marketplace,” FCA said Friday in a statement. Related Video: Government/Legal Chrysler Fiat GM