(MENAFN) Luxury car company Ferrari is to be spun off as an independent business from parent group Fiat Chrysler Automobiles with 10 percent floated on the stock exchange, AFP reported.
The rest of the new Ferrari shares, which are 90 percent, will be distributed to group shareholders, the company said in a statement, adding that the spin-off will be completed next year.
The Italian group released its third-quarter results, reporting a 7.4-percent increase in profit, while earnings before interest and taxes were USD1.18 billion, up from USD1.09 billion a year ago.
"I am delighted to have taken this additional step in the development of Fiat Chrysler Automobiles," the group's chairman was quoted as saying in a company statement.
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