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Ferrari stock sale pegged for October, or later

The Ferrari IPO is still coming, but it won't be before Columbus Day (Monday, October 12, that is), according to Fiat Chrysler Automobiles CEO Sergio Marchionne. The outspoken exec is blaming tax reasons for the fourth-quarter date, according to a report from Reuters. Marchionne said a full year needed to pass between FCA's October 13, 2014 Wall Street debut and any additional listing. This isn't the first delay in the Ferrari IPO. FCA was originally supposed to make a 10-percent offering of Ferrari during second or third quarter of 2015, before officially pushing things back to the third quarter of this year. Now, it's unclear if Ferrari will even go public before the dawn of 2016. Related Video: News Source: ReutersImage Credit: Marco Vasini / AP Earnings/Financials Government/Legal Chrysler Ferrari Fiat Sergio Marchionne FCA fiat chrysler automobiles

Ferrari stock demand exceeding supply

As with the Ferrari cars, so it is with shares in the company's initial public offering: When Ferrari has a limited quantity of something to sell, demand far outstrips supply. Investors told banks weeks ago that bids for the $1 billion in stock – up to 18.89 million shares – would exceed the number of shares available over the entire expected range of $48 to $52. Ten percent of the company is going on the block' Bloomberg reports that the books close on the IPO on Monday at 4:00 pm. The final price will be set on Tuesday, and trading will begin Wednesday under the ticker symbol RACE on the New York Stock Exchange. Piero Ferrari, the son of Enzo Ferrari, will hold onto the ten-percent stake he currently has in the company. Fiat Chrysler will disburse the final 80 percent to its investors sometime in 2016. In combination with spinning Ferrari off from its parent company next year, the share sale is expected to put $4 billion into Fiat Chrysler coffers, which will be used to help fuel the growth of Alfa Romeo, Jeep, and Maserati. Assuming all goes to plan, Bloomberg says Ferrari will be valued at roughly $12 billion, a number $1 billion greater than the valuation Fiat Chrysler CEO Sergio Marchionne put on Ferrari earlier this year and higher than the brand's own internal assessment. Related Video:

Ferrari's bid for review of penalty against Vettel is rejected

LE CASTELLET, France — Formula One stewards on Friday dashed Ferrari's hopes of overturning a penalty that denied Sebastian Vettel victory in Canada, ruling that the Italian team had not presented significant and new evidence. Vettel, who finished first in Montreal on June 9 but was demoted to runner-up behind Mercedes' Lewis Hamilton after a five second penalty, told BBC radio he was disappointed with the outcome. Ferrari team boss Mattia Binotto, who had sought a review of the Montreal decision, echoed the sentiment and told reporters the matter was now closed. "As Ferrari we are all very unhappy and disappointed. We are disappointed certainly for Ferrari but for the fans and for our sport," he said. The Italian team believed they had 'overwhelming' proof to trigger a review but the FIA revealed some of that was Sky Sports' television analysis carried out by Indian racer Karun Chandhok. The Indian, who raced in Formula One for now-defunct tail-end teams Hispania and Team Lotus in 2010 and 2011 without scoring a point, was apparently unaware that his opinion formed part of the evidence. "Er... so, can I send you an invoice Ferrari? I mean, lawyers send bills whether you win or lose a case so...!!," he said on Twitter. The stewards decided Chandhok's video was "new but not significant and relevant" and the "personal opinion by a third party." The ruling means that Hamilton, a five-times world champion, has his 29-point lead over teammate Valtteri Bottas confirmed. He's 62 points ahead of Vettel. Mercedes has won all seven races this season, and nine in a row in total, and are favorites to chalk up another in France on Sunday. Ferrari sporting director Laurent Mekies had said earlier that the team believed the evidence to be "quite overwhelming when it comes to establishing that Sebastian did not breach any regulations." The stewards clearly found it underwhelming. They said footage of Vettel's face camera was previously available, as were analysis of telemetry data, camera angles from the car, post-race video images and the German's witness statement. The right of review calls for a team to present significant and relevant new evidence that was not available at the time of the decision. The stewards, whose ruling is final, had sole discretion to determine whether such a new element exists.