Name: Fiat Chrysler to spin-off Ferrari
Uploaded: 2014-10-29
Duration: 1 min 12 s
Description: Fiat Chrysler to spin-off Ferrari

Perhaps, Fiat Chrysler's most prized possession is up for grabs on the stock market. Well, at least, some of it. [ NOISE ]. Fiat Chrysler announced Wednesday, it's spinning off its famous luxury car brand Ferrari into an independent company, listing 10 % of the stock on the market and distributing the remaining 90 % to its shareholders. CNBC's Phil LeBeau reports the value of the entire company is around $ 6 billion. Fiat Chrysler CEO Sergio Marchionne said in a statement, as we move forward to secure the 2014, 2018 business plan, it is proper that we pursue separate paths for FCA and Ferrari. It's a business plan with an ambitious goal. Mark [ UNKNOWN ] says he plans to double the auto maker's profits and growth, Fiat- Chrystler, by more than 60, 000, 000, 000 by 2018. Well if you are Sergio Martinan and the Fiat board, you are looking at Ferrari and saying. This is our most valuable asset that we can spin off to raise capital. The news has also led to a humongous boost in Fiat- Chrysler share price, jumping almost 19 % to $ 11. 56 per share at one point Wednesday.