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Fiat May Do Ferrari IPO to Fund Chrysler Purchase, Corriere Says

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Sept. 26 (Bloomberg) -- Fiat SpA may sell shares of Ferrari SpA in an initial public offering to help fund the purchase of more stock in Chrysler LLC, daily Corriere della Sera reported, without saying where it got the information.

Fiat first wants to raise its stake in Ferrari to 90 percent by buying 5 percent held by Mubadala Development Co., according to the Italian newspaper. Ferrari might be valued at 3.1 billion euros ($4.2 billion) according to the newspaper.

Fiat Chief Executive Officer Sergio Marchionne said Sept. 16 at a shareholders’ meeting in Turin, Italy that the company wasn’t planning a Ferrari now. He also said then that Fiat was still in negotiations to raise its Ferrari stake to 90 percent.

To contact the reporter on this story: Armorel Kenna in Milan at akenna@bloomberg.net

To contact the editor responsible for this story: Celeste Perri at cperri@bloomberg.net

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