Ferrari chariman de Montezemolo says no plans to offer IPO

2012 Ferrari FF

Ferrari Chairman Luca Cordero de Montezemolo told reporters at Ferrari’s plant yesterday, that Fiat has no plans to list the supercar manufacturer. Many analysts have long speculated that Fiat could list Ferrari to raise money to help increase its stake Chrysler.

“There is no program to list Ferrari, no program at all,” de Montezemolo said.

In April, Fiat CEO Sergio Marchionne told bankers trying to persuade him to pursue an initial public offering of Ferrari that the brand is worth more than 5 billion euros ($7.3 billion). Analysts, on the other hand, said that the brand is worth 3 billion euros.

– By: Omar Rana

Source: Automotive News