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Fiat to spin off Ferrari
Fiat to spin off Ferrari

Fiat Chrysler Automobiles is parting ways with its high-end subsidiary brand Ferrari. The global auto giant announced in London on Wednesday that it will hold a public stock offering to sell off 10% of the legendary Italian marque and distribute the remaining 90% of the company to its current shareholders. The shares will be listed on a U.S. exchange and possibly a European exchange, the company said. Fiat, which acquired Ferrari in 1969, had been expected to do something with its racing-red luxury division. Last month, following reports of division in upper management, Ferrari's longtime chief executive and chairman, Luca de Montezemolo, left the company after a 23-year run. He...

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