MILAN (Reuters) - Fiat Chrysler Automobiles expects to get 2.25 billion euros ($2.81 billion) from Ferrari via transactions it will execute before it spins off the luxury sportscar unit from the group, a filing with U.S. market regulator SEC showed on Thursday.
FCA CEO Sergio Marchionne said last month he would spin off Ferrari from the group, sell a 10 percent stake via a public offering and distribute the rest of FCA’s stake in the luxury sports car brand to its shareholders.
The spin-off is part of a bigger capital-raising plan that also includes a $2.5 billion convertible bond issue to help cut debt and fund an ambitious business plan at the world’s seventh-largest carmaker. Marchionne said at the time that all the measures would inject a total of 4 billion euros into the group.
In the SEC filing, the company said “prior to the separation (of Ferrari from FCA) we also intend to enter into certain other transactions including distributions and transfers of cash from Ferrari to FCA currently estimated at 2.25 billion euros.”
Reporting by Agnieszka Flak; editing by Francesca Landini