Floatation should not impact Ferrari negatively in F1
Sergio Marchionne has denied that Ferrari’s floatation will affect the legendary Formula 1 team.
Earlier, owner Fiat Chrysler floated 10 per cent of the Maranello marque’s shares.
And now president Marchionne has confirmed that the bulk of the remainder will be listed on the Milan Stock Exchange on January 4.
It is said the windfall to Fiat will be about $4 billion, with former president Luca di Montezemolo telling Italian media that Ferrari “has become Fiat’s cash machine”.
But Marchionne said on Monday: “The stock market will not affect the future of the racing department.
“One has nothing to do with the other, even if Wall Street or Milan will watch the results of the grands prix with a bit of extra attention.”