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Sergio Marchionne
Ferrari to separate from Fiat, offer 10% of its shares in IPO
Ferrari to separate from Fiat, offer 10% of its shares in IPO

At last, a Ferrari spinoff that doesn't involve a road. The storied Italian sports car builder will become a separate company, owner Fiat Chrysler Automobiles announced Wednesday. The move comes just weeks after Ferrari's longtime chairman, Luca di Montezemolo, resigned after leading the company since 1991. "The separation of Ferrari will preserve the cherished Italian heritage and unique position of the Ferrari business and allow FCA shareholders to continue to benefit from the substantial value inherent in this business," John Elkann, chairman of FCA, said in a statement. Fiat has owned at least part of Ferrari since 1969. This month Fiat formally completed a...

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