Fiat Chrysler could sell more than 10 percent of Ferrari in IPO: CEO

GENEVA

Fiat CEO Sergio Marchionne and Ferrari S.p.A. CEO Amedeo Felisa (R) pose with the new Ferrari 488 GTB during the first press day ahead of the 85th International Motor Show in Geneva March 3, 2015.

Credit: Reuters/Arnd Wiegmann (SWITZERLAND - Tags: TRANSPORT BUSINESS) - RTR4RUZF

(Reuters) - Fiat Chrysler Automobiles (FCA) could sell more than 10 percent of luxury unit Ferrari in a planned initial public offering given high demand, with a view to boosting liquidity in the shares, Chief Executive Sergio Marchionne said on Tuesday.
"We need to decide what the right decision is. Selling 10 percent when demand is much higher is too little," Marchionne said at the Geneva auto show.
He added that FCA could "technically" sell its entire stake in Ferrari, although that was "very unlikely".
Marchionne added that Ferrari will sell "slightly more" vehicles than
last year and there is no plan to push for an increase in annual sales to 10,000 vehicles at this stage.
The 62-year-old, who also serves as Ferrari's chairman, said the company would always seek to sell "one less Ferrari than the market wants" and would increase deliveries only in a way that would not harm the brand's exclusivity.
He reiterated that Ferrari had the technical ability to produce 10,000 vehicles a year, but this was hypothetical and not a target.
(Reporting by Agnieszka Flak, editing by Stephen Jewkes)