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Ferrari IPO could come any day now

According to Bloomberg, Fiat Chrysler Automotive Sergio Marchionne told reporters at the Toronto Global Forum that the Ferrari IPO could come any day now. "We are days away from filing the prospectus," said Marchionne, who declined to confirm whether rumors of involvement from UBS Group AG, JPMorgan Chase & Co and Goldman Sachs Group were accurate. In addition to an expected filing in New York, Marchionne hinted that a secondary filing could take place in Milan, Italy. Although the FCA Chief Executive didn't offer any expected sum for Ferrari, he had previously suggested that an IPO for the iconic Italian brand could be worth $1 billion, ringing the registers to the tune of 10 percent of the company's $11 billion valuation. According to Bloomberg, that potential sum is significantly higher than its own internal figures indicate after taking a poll of analysts who we assume must know a heck of a lot more about such things than we do. Considering how close we apparently are to the actual filing, though, we probably won't have to wait long to find out. Another hot topic any time Sergio is the subject of reporter questioning is a potential merger with General Motors or another large, full-line automaker. It seems there aren't any new revelations to reveal on the consolidation front, though Marchionne told reporters there were no plans to mount a hostile takeover of GM or any "other, less optimal" partners. Related Video: News Source: BloombergImage Credit: STR/AFP/Getty Earnings/Financials Chrysler Ferrari Fiat Sergio Marchionne FCA

Marchionne says no offers are on the table for Fiat Chrysler

MONZA, Italy (Reuters) - Fiat Chrysler (FCA) has not received any offer for the company nor is the world's seventh-largest carmaker working on any "big deal", Chief Executive Sergio Marchionne said on Saturday. Speaking on the sidelines of the Italian Formula One Grand Prix, Marchionne said the focus remained on executing the company's business plan to 2018. Asked whether FCA had been approached by someone or whether there was an offer on the table, he simply said: "No." The company's share price jumped to record highs last month after reports of interest for the group or some of its brands from China. China's Great Wall Motor Co Ltd openly said it was interested in FCA, but had not held talks or signed a deal with executives at the Italian-American automaker. The stock move was also helped by expectations that the company might separate from some of its units. Marchionne reiterated on Saturday that FCA was working on a plan to "purify" its portfolio and that units, such as the components businesses, would be separated from the group. He hopes to complete that process by the end of 2018. "There are activities within the group that do not belong to a car manufacturer, for example the components businesses. The group needs to be cleared of those things," he told journalists. Asked whether an announcement could come this year, Marchionne said it was up to the board to decide and that it would next meet at the end of September. He said the time was not right for a spin-off of luxury brand Maserati and premium Alfa Romeo and the two brands needed to become self-sustainable entities first and "have the muscle to stand on their feet, make sufficient cash". "The way we see it now, it's almost impossible, if not impossible, to see a spin-off of Alfa Romeo/Maserati, these are two entities that are immature and in a development phase," he said. "It's the wrong moment, we are not in a condition to do it." He said the concept of separating the two brands from FCA's mass market business made sense and did not rule out this happening in future, but not under his tenure, which lasts until April 2019. "If there is an opportunity in future, it would certainly happen after I'm gone. It won't happen while Marchionne is around," he said.

Fiat Chrysler to pay $800M in Jeep, Ram emissions cheating case

WASHINGTON — Fiat Chrysler Automobiles NV has agreed to a settlement worth about $800 million to resolve claims from the U.S. Justice Department and state of California that it used illegal software that produced false results on diesel-emissions tests, but still faces an ongoing criminal probe. The hefty penalty is the latest fallout from the U.S. government's stepped-up enforcement of vehicle emissions rules after Volkswagen AG admitted in September 2015 to intentionally evading emissions rules. The Fiat Chrysler settlement includes $311 million in total civil penalties to U.S. and California regulators, up to $280 million to resolve claims from diesel owners, and extended warranties worth $105 million. It covers 104,000 Fiat Chrysler 2014-16 Ram 1500 and Jeep Grand Cherokee diesels, the Justice Department said. Regulators said Fiat Chrysler used "defeat devices" to cheat emissions tests in real-world driving. Fiat Chrysler said in a statement that "the settlements do not change the Company's position that it did not engage in any deliberate scheme to install defeat devices to cheat emissions tests." The company did not admit liability. "You wouldn't pay $311 million total dollars to the federal government in civil penalties if there were not a serious problem," U.S. assistant attorney general Jeff Clark told a news conference. The settlement also includes $72.5 million for state civil penalties, and $33.5 million in payments to California to offset excess emissions and consumer claims. German auto supplier Robert Bosch GmbH, which provided the emissions control software for the vehicles, also agreed to pay $27.5 million to resolve claims from diesel owners. Owners will receive an average of $2,800 to obtain software updates as part of the emissions recall, Fiat Chrysler said. Elizabeth Cabraser, a lawyer for the owners, said the "substantial cash compensation" will ensure that consumers get the recall fix. Bosch, which also provided diesel emissions software to Volkswagen, also agreed to pay $103.5 million to settle claims with 47 U.S. states that said the supplier "enabled" the cheating and should have known its customers would use the software improperly, the New York Attorney General's Office said.