Join Date: Aug 2008
Location: South Africa
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Banks pitch Fiat to float Ferrari in Hong Kong
HONG KONG, Sept 1 (Reuters) - Several investment banks have approached Fiat SpA in recent weeks with a proposal to list legendary sports car maker Ferrari on the Hong Kong stock exchange, sources with direct knowledge of the matter told Reuters.
A potential IPO could value the company, founded by Enzo Ferrari, as much as $6.3 billion analysts estimate. Ferrari would join global brands such as cosmetics company L'Occitane International and luggage maker Samsonite , seeking top valuations and deep pocketed investors in Asia.
Fashion house Prada SpA raised nearly $2.5 billion in June, becoming the first Italian company to go public in Hong Kong.
A Fiat spokesman declined to comment when asked if meetings had been held with banks about a possible Ferrari offering. The spokesman referred to comments by Fiat CEO Sergio Marchionne, repeated several times in the past few months including last week, that a Ferrari IPO "is not on the table" for the time being.
(Reporting by Elzio Barreto; Additional reporting by Gianni Montani in Turin; Editing by Denny Thomas)