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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.

Appeals court delays 'sensible resolution' meeting between GM, Fiat Chrysler CEOs

DETROIT — Three federal appeals judges have delayed a court-ordered meeting between the CEOs of General Motors and Fiat Chrysler to try to settle a lawsuit over corruption by union leaders. U.S. District Court Judge Paul Borman last week ordered GM CEO Mary Barra and FCA CEO Mike Manley to meet before July 1. But GM on Friday asked the federal appeals court in Cincinnati to overturn the order and remove Borman from the case. In an order issued Monday, three appellate judges delayed Borman's order to provide time to consider legal points raised by GM. GM is suing crosstown rival FCA alleging that it got an advantage by paying off United Auto Workers union leaders to reduce labor costs during contract talks. FCAÂ’s former labor chief, Al Iacobelli, is in prison, although the company denies that it directed any prohibited payments. In his order last week, Borman described the lawsuit as a “nuclear option” that would be a “waste of time and resources” for years if he allows the case to move forward. The judge ordered Barra and Manley to sit down without lawyers by July 1 and reach a “sensible resolution of this huge legal distraction.” Borman wants an update from them on a public video conference that same day. Over the weekend he modified the order to allow lawyers to attend the meeting. In a court filing, GM called BormanÂ’s order a “profound abuse” of power. “The court possesses no authority to order the CEOs of GM and FCA to engage in settlement discussions, reach a resolution and then appear alone at a pretrial conference eight days later, without counsel,” GMÂ’s attorneys said. “Second, the court has no business labeling a properly filed federal lawsuit assigned to the court for impartial adjudication ‘a distractionÂ’ or a ‘nuclear option,’” GM said. Borman canÂ’t be viewed as impartial, company lawyers said. The judge declined to comment. In a court filing Monday, Fiat Chrysler lawyers wrote that GM didn't make a good case to remove Borman because judges routinely direct lawsuit parties to talk about settling. The lawyers wrote that GM originally wanted the case assigned to Borman but now apparently is worried that his tough questions mean he will dismiss GM's claims. “GM should not be permitted now to complain that that judge has turned out to be less hospitable to GMÂ’s claims than GM anticipated. Parties are not permitted to engage in such judge shopping," the filing said.

New Fiat 500e is coming to America, including fashion-forward one-offs

LOS ANGELES — It seems that Fiat took our advice and will bring the electric Fiat 500 to America. It will also adopt the 500e moniker like its predecessor, which happened to be only for the U.S. market. Unfortunately, we're going to be waiting a little bit for the American 500e. Fiat announced it won't be on sale until early 2024, with a full reveal of the American version coming at next year's L.A. Auto Show. While we have certainly seen a possible niche in the market for the chic hatch, we do worry a little bit about whether that will still be there in another year and some change. Fiat 500e Giorgio Armani View 4 Photos As for a quick recap of why we think the 500e has a shot in the U.S., well, it offers pretty solid value. In Europe, it's priced below both the Mini Cooper S E and the short-range Nissan Leaf. Simultaneously, it offers more range than either of those cars with an estimated 199 miles on a charge. That likely would go down in U.S. testing, but should still top the Leaf's 150-mile estimate even on the EPA test cycle. Assuming pricing still undercuts those two cars and range doesn't change significantly, it would be a great entry-level EV with oodles of style. Plus, Fiat has a single model on sale right now (the 500X), and dealers are likely begging for more options to offer. Fiat 500e Kartell View 4 Photos Speaking of style, Fiat brought a trio of custom models designed by fashion brands Giorgio Armani, Kartell and Bvlgari. They aren't new, having been shown in years past, but they're still very sharp. The Giorgio Armani has laser-etched paintwork to simulate fabric weaves, the Kartell has cool, futuristic plastic panels, and the Bvlgari has a custom 500-badge brooch in the steering wheel, which is both stylish, but also probably dangerous. Fiat 500e Bvlgari View 4 Photos We're also hoping that with a launch date in 2024, the electric 500 Abarth that will be revealed soon will also be imported. We would also love to see the convertible version that underpins the Armani car make the trip to our shores, too. We're sure to get more information in the future. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.