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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.

2017 Chrysler Pacifica is perfect for town and country

The Pacifica has returned. In a surprising move, Chrysler revived the name of its old three-row CUV for the long-serving Town & Country's replacement. That's a bold strategy. Let's see if it pays off. Chrysler's new minivan offers a tremendous improvement on its predecessor in terms of interior and exterior design, available technology, and powertrain. Design inspiration is most clearly drawn from the brand's 200 sedan, both inside and out. Gone are the egg-crate grille, blocky headlights, and vertical taillights of the old van, all of which have been replaced with slim, stylish units. Doubtlessly destined for high-end trims, Chrysler will also offer a 200-style, two-tone interior with over 35 inches of screen real estate. 8.4 inches are reserved for the central UConnect display, while drivers have their own seven-inch display in the instrument cluster. As for the kiddies, they're the big winners, with a pair of ten-inch touchscreen displays in the back. Underhood, the big news is reserved for the new plug-in-hybrid powertrain. You can read all about that here. For right now, we'll focus on the familiar 3.6-liter Pentastar V6 and its accompanying nine-speed automatic transmission. There is 287 horsepower, 262 pound-feet of torque, and what will likely be a healthy improvement in fuel economy over the old Town & Country. You can read much more on the all-new Pacifica from our original post last night. We've also got a fresh gallery of live images from its big debut here at Detroit's Cobo Center, available up top.

New UAW boss Williams talks tough, vows 'no more concessions'

Dennis Williams, the newly elected president of the UAW, had some tough words for American automakers in his inauguration speech at the 2014 UAW Convention, striking down the possibility of any additional concessions from the 400,000-strong union.
"No more concessions. We are tired of it. Enough is enough," Williams said during his speech. UAW employees have not received a raise in nearly 10 years, according to Reuters.
Considering the recent strong results for Ford, Chrysler and General Motors, the union's demands are likely to carry a bit more weight in next year's negotiations. And considering Williams' tough stance, we could be in for some fireworks once negotiations commence.