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Fiat Chrysler Shareholders Approve Separation

Posted by on Dec 28, 2015

  From Bloomberg: Fiat Chrysler Automobiles NV investors approved the spinoff of its supercar unit Ferrari NV, part of Chief Executive Officer Sergio Marchionne’s plan to raise cash and reduce debt. Shareholders voted about 98 percent in favor of the separation, in which Fiat Chrysler will distribute the remaining 80 percent stake in Ferrari to its own investors starting early next year. About two-thirds of Fiat Chrysler’s voting rights were present. The Italian-American carmaker already sold 10 percent of...

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Ferrari N.V. Begins Serious Financing

Posted by on Dec 26, 2015

From Ferrari N.V.  In Maranello on 30th November 2015, Ferrari N.V. (NYSE:RACE) announced that it has entered into a €2.5 billion syndicated loan facility with a group of ten bookrunner banks. The facility comprises a Bridge Loan and a Term Loan of €2.5 billion in aggregate and a Revolving Credit Facility of €500 million. Proceeds of the Bridge Loan and Term Loan will be used to refinance indebtedness owing to Fiat Chrysler Automobiles N.V. and other indebtedness and for...

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Some Indications on Ferrari’s Future

Posted by on Dec 24, 2015

On October 28, 2015, from Maranello, there was a Q3 2015 Ferrari NV Earnings Call with Ferrari Corporate Participants speaking with, and also answering questions from, analysts from UBS, Bank of America Merrill Lynch, JPMorganChase, Morningstar and Equita. The Ferrari participants were Sergio Marchionne, Ferrari NV CEO, Ales-sandro Gili, Ferrari SVP & CFO, and Nicoletta Russo, Ferrari Investor Relations. The call was about Ferrari’s 2015 third-quarter results, and to an extent, its earning year-to-date. Both were excellent, and while...

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Fiat Heir Returns with Personalized Cars

Posted by on Dec 22, 2015

From Bloomberg: Lapo Elkann, an heir of Italy’s Agnelli family, the dynasty that founded Fiat, is making a comeback in the auto industry after a 10-year break, with a startup that offers customized cars. Elkann, 38, bought a vintage 1950s-era gas station in Milan to base Garage Italia Customs, a company that personalizes anything from Ferraris to yachts and helicopters and even offers a Fiat 500 redesigned to look like a Star Wars storm trooper. His new business also...

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An Extensive 14-month Restoration for an SWB

Posted by on Dec 20, 2015

From Ferrari Classiche: 14 months of meticulous work – that’s how long it took the Ferrari Classiche Department to restore the engine, bodywork, suspensions and running gear of this 250 GT SWB Berlinetta Competizione to pristine condition. The car arrived in Maranello in March of 2014 and work began in the summer of the same year, only finishing last week when it was returned to its delighted owner. According to the few documents available, the 250 GT SWB Berlinetta...

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Driven by Disruption Auction Wows with a Big Ferrari

Posted by on Dec 18, 2015

Source From RM Sotheby’s: RM Sotheby’s rounded out a banner 2015 season in New York City on the evening of December 10, bringing in more than $73.5 million in auction sales with 81 percent of all lots sold during its exclusive Driven by Disruption event. Held at Sotheby’s global headquarters in Manhattan, the auction presented 31 pioneering automobiles and select memorabilia before a packed house. Illustrating the extensive combined global reach of both RM and Sotheby’s, bidders hailed from...

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Petersen Museum Gala Opening

Posted by on Dec 16, 2015

The new Petersen Automotive Museum had its Opening Celebration on Saturday, December 5, with 800 car enthusiasts hosted in a huge tent for speeches from the Chairman, excellent entertainment, a live auction (which raised copious amounts), a raffle for a neat Rolex, and dinner prepared by all four of the Drago brothers, a local culinary legend in LA. Preceding this, of course, was the real treat, a sneak peak of the new renovated museum, which sets the bar for...

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