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Ferrari IPO prospectus days away

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DETROIT » Fiat Chrysler Automobiles CEO Sergio Mar­chionne said the automaker is days away from filing its prospectus for a public stock offering for at least 10 percent of Ferrari’s shares.

Marchionne first announced the company’s intention to spin off Ferrari into a separate company last year and has said he expects the IPO to be completed by the end of this year.

Friday was the first time Marchionne dis­closed the timing of the prospectus, which is typically a detailed document spanning hun­dreds of pages that provides a snapshot of the company’s financial performance and business. The document is intended to be an evaluation tool for potential investors.

"We are days away from filing the prospectus," Mar­chionne told reporters after a panel discus­sion at the Toronto Global Forum.

On Thursday, Fiat Chrysler said Ferrari’s tax residence will not change following the IPO even though the company will be incorporated in the Netherlands and officially headquartered in London.

Huffman back in charge at Reddit

NEW YORK » Reddit said Friday that interim CEO Ellen Pao resigned from the company, and co-founder Steve Huffman is back as its CEO.

The freewheeling online discussion forum and news site, which says it had 164 million unique visitors last month, has been rocked by unrest recently. The firing of a popular staffer earlier this month upset some users, leading to volun­teers shutting down parts of the site, and there have been protests over new policies intended to fight harassment.

A statement posted Friday on Reddit by Red­dit board member Sam Altman said that Pao, who became interim CEO in November, resigned from Reddit by mutual agreement and will con­tinue to advise the board for the rest of 2015.


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