When Sergio Marchionne picked the day for Ferrari’s IPO, it looks like he may have ignored the lawyers.
An offering of 10 percent of Ferrari on the open market, originally scheduled for this month, has been pushed back to October.
FromÂ the WSJ (via Business Insider):
â€œThe attorney told me we had to waitâ€� until a year has passed since the Oct. 12, 2014, completion of the merger that produced FiatChrysler, said Mr. Marchionne. He didnâ€™t make clear why Fiat Chrysler hadn’tâ€™t considered the issue when it had announced previous timings for the share sale.
Fiat Chrysler is planning to sell 10% of Ferrari in the IPO and distribute the other 80% it owns in the sports-car maker to shareholders. That spinoff is still scheduled for the beginning of next year. Fiat Chrysler shares have surged since the announcement of the IPO and spinoff as investors and analysts debate the value of Ferrari, with estimates ranging from â‚¬4 billion to more than â‚¬10 billion [$4.4-11.1 billion].