Fiat’s chief executive Giuseppe Morchio thinks that conditions are not right for an initial public offering of high-priced sportscar maker Ferrari, and said the flotation would be put back.
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“There aren’t the conditions today, we must delay it,” said in a press conference last Friday, according to Reuters. He added: “When the conditions are right, we’ll consider it.”
Reuters noted that bankers have named Ferrari as one of a group of Italian household brands, including fashion house Prada, expected to resurrect IPO plans that were postponed during the last bear market.
