Fiat Chrysler Automobiles (FCA), the Italian-US automobile company being the parent company of Ferrari, floated to the public 17.18 million shares accounting for nearly 10% of Ferrari at $52 a share at its IPO at the NYSE.
Berlin-based PR executive Herbert Franz should be a soft target for German luxury automakers - his last car was a BMW (BMWG.DE) X3 - but he can't wait to leave them behind.
Sergio Marchionne, chief executive officer of Italy's Fiat, said that the carmaker could issue a mandatory convertible bond as a way of financing investments after its $4.35 billion deal to buy the rest of Chrysler.
As the process to close the Fiat-Chrysler merger ongoing, automotive news site Autocar observed that Fiat had stopped its development plans on its Alfa Romeo vehicle series.
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