MILAN (Reuters) - Fiat Chrysler said on Wednesday it would spin off luxury carmaker Ferrari and list a 10 percent stake on the market as it seeks to raise funding for its ambitious 48-billion euro ($61 billion) growth plan.
The world's seventh-largest carmaker said the board had mandated its management to complete the spin-off next year. It said its remaining 80 percent Ferrari stake would be distributed among FCA shareholders - who include the Agnelli family which founded FIAT (F.IT)
The group, which moved its own primary listing to New York on Oct. 13, expects the Ferrari shares to be listed in the United States and possibly a European exchange.
"As we move forward to secure the 2014-2018 Business Plan and work toward maximizing the value of our businesses to our shareholders, it is proper that we pursue separate paths for FCA and Ferrari," FCA Chief Executive Sergio Marchionne said in a statement.
FCA's Milan-listed shares, which fell after the company earlier reported third-quarter results and higher-than-expected debt, rose 5 percent before trading was suspended due to excessive volatility.
(This story corrects to show that 80 percent of Ferrari shares will be distributed among FCA shareholders)
(Reporting by Agnieszka Flak, editing by Silvia Aloisi)
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