Ferrari is considering moving its headquarters to the U.K. to "escape Italy's onerous corporate taxes" as the manufacturer reportedly "prepares to float," according to Wright & Tovey of the London TELEGRAPH. The company will "keep its manufacturing operation in Maranello, Italy, just south of Milan but move its fiscal residence" to the U.K. The discussions are at a "preliminary stage and any final decision will not be made for a few months." However, any move by a company "as iconic as Ferrari would doubtless come as a blow to Italy's corporate prestige at a time when the government is struggling to pull the country out of recession." In October, Fiat Chrysler Automobiles annouced plans to "spin off Ferrari by listing the luxury sports car manufacturer on the public markets next year." Fiat Chrysler is itself registered in the Netherlands, listed on the N.Y. Stock Exchange and based in London for tax purposes. IHS Automotive Principal Analyst Ian Fletcher said that a U.K. domicile is "likely to be an option Ferrari had looked at." Fletcher: "Certainly it's a well trodden path for former Fiat SpA entities so there would be plenty of expertise to support the plan. With that in mind I wouldn't be surprised to see it come high up on any list that they have." He added that such a move would be "likely to have any impact Ferrari's iconic status." At its third-quarter results, Fiat Chrysler said it would list 10pc of its majority stake in Ferrari on stock markets and "hand the remainder of its holiding to existing Fiat Chrysler investors" (TELEGRAPH, 12/10).
