| Author |
Message |
oicyu812 (Oicyu812)
New member
Username: Oicyu812
Post Number: 10
Registered: 11-2002
| | Posted on Saturday, November 30, 2002 - 6:31 am: | |
Does Bernie even want to buy it? I think he has his hands full running F1 |
RichardVassil (Richardv)
New member
Username: Richardv
Post Number: 39
Registered: 11-2002
| | Posted on Friday, November 29, 2002 - 9:36 am: | |
Here's more interesting news... If Montezemolo goes to Fiat, and wants to
continue his record of success, given Fiat's dire need for cash, does he
sell Ferrari to Bernie Eccelstone in lieu of waiting for capital markets to
open up for an IPO? It would be one way to "cap" his career at Ferrari -
achieve huge success, then sell out at the top of the market. But then
again, Bernie isn't exactly known for his "buy high, sell low"
philosophy....
|
RichardVassil (Richardv)
New member
Username: Richardv
Post Number: 38
Registered: 11-2002
| | Posted on Friday, November 29, 2002 - 9:35 am: | |
Dow Jones Business News
Ferrari Says IPO Plan Awaits Right Market Conditions
Thursday November 28, 9:22 am ET
MILAN -(Dow Jones)- Ferrari SpA remains intent on listing its shares on the
Milan exchange, but will do so only when market conditions are more
auspicious, Chairman and Chief Executive Luca Cordero di Montezemolo said
Thursday.
"We intend to list soon," he said on the sidelines of an award ceremony in
Rome.
Ferrari spokesman Simone Piattelli confirmed that di Montezemolo said the
Italian sports car maker was "not obliged" to tap capital markets and so
wouldn't issue debt. But a listing would be decided with Mediobanca SpA and
would probably take place next year, the spokesman added.
Mediobanca paid Fiat SpA EUR775 billion for a 34% stake in Ferrari in June.
The Milan-based investment bank has since sold 10% of Ferrari to Commerzbank
AG , which will be joint bookrunner with Mediobanca for the initial public
offering.
Fiat retains 56% of Ferrari, with the remaining 10% in the hands of Piero
Ferrari, son of the company's legendary founder Enzo.
The Mediobanca purchase valued all of Maranello-based Ferrari, the cars of
which can cost more than $500,000 each, at EUR2.3 billion.
That's about 50% higher, on standard multiples, than rivals like Germany's
Porsche AG. Last week, Italian papers reported that Deloitte & Touche valued
Ferrari at EUR1.4 billion.
Ferrari, which also makes Maserati cars, had EUR1.06 billion in sales last
year.
-By Christopher Emsden, Dow Jones Newswires, 39-02-7601 5386;
[email protected]
|
|