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#Ipo
VW Surges Ahead With Plans To Make A Porsche IPO
Volkswagen wants to list its high-dollar sports car brand Porsche, on the stock market. If all goes well, the initial public offering (IPO) should happen later this year.
Chrysler Files IPO, Speeds Valuation of VEBA Shares
Chrysler filed for an IPO today in a move that could help Fiat acquire the remaining 41.5 percent stake that it does not currently own.
Ducati Motorcycles Could Be Up For Sale
Investindustrial SpA, the Milan-based private-equity firm that owns Ducati, seems to be looking for an IPO (initial public offering), or to sell it entirely. The sale could fetch about $1.3 billion.
BYD Raises $219 Million In IPO, Thanks To Warren Buffett: Still Lower Than Expected
Warren Buffett and Chinese carmaker BYD have raised 1.4 billion yuan, or $219 million, in their initial public offering in Shenzhen.
Ferrari Will Not Release IPO For Several Years
Ferrari head Luca Cordero di Montezemolo denied reports that the company was planning to go public. “There are no current plans (to list the company). Perhaps in three, four or five years. There is no project now. Maybe there never will be,” he told Reuters.
Fiat Looking To Increase Stake In Chrysler Ahead Of Possible IPO
Fiat is looking to up their stake in Chrysler from 20 percent to over 50 percent, according to reports in the Detroit News. Fiat was awarded a 20 percent stake in the company as part of Chrysler’s bankruptcy proceedings in 2009, and can increase its ownership as it passes a series of milestones. Marchionne also hinted that a Chrysler IPO may come in the second half of 2010.
GM IPO Begins First Day Of Trading
General Motors long awaited IPO began trading on Thursday, and was up approximately $2 as of 12 noon, Thursday. Listed at $33 a share, the stock price quickly climbed to $35 a share, as GM’s CEO Dan Akerson rang the opening bell at the New York Stock Exchange.
Car Czar: GM IPO Price Undervalued At $29
Steve Rattner, who oversaw President Obama’s auto industry bailout, told Bloomberg News that GM’s Initial Public Offering share price was undervalued.
SAIC Looking To Buy GM IPO Shares
General Motors upcoming IPO is attracting a lot of attention, not least from Chinese car manufacturer SAIC. A long time partner of the General, SAIC is looking to buy a significant portion of GM’s IPO, and with nearly $6 billion in cash reserves, the company is in a good position to do so.
General Motors Files for IPO; Says Buh-Bye to Socialism
General Motors has just announced the filing of papers with the Securities and Exchange Commission for an Initial Public Offering (IPO) that will see the company handed back over to investors and removed from government control.
Including in the filing are plans for preferred stock that carries with it both debt and equity and also has priority in a bankruptcy situation.
According to a Bloomberg report, GM hopes to generate $16 billion by the IPO, selling off roughly a fifth of the stock currently owned by the U.S. Treasury. This would then make the government a minority shareholder in General Motors and is likely to be followed by continued sell-offs until GM is entirely out of government hands. Currently the U.S. government owns a 61 percent stake in GM.
GM has already paid back the $6.7 billion in loans it received from the U.S. and Canadian governments, however, that amount is only a small portion of the almost $50 billion bailout GM received.
Official release after the jump:
GM Posts $1.3 Billion Profit, IPO Filing To Come Shortly
General Motors is expected to file for an Initial Public Offering tomorrow as the company recorded a $1.3 billion profit. GM is hoping to use the positive momentum of two consecutive quarters of profit to help move its IPO filing along.