Ferrari to pick UBS to manage New York stock listing valued at US$10.97bil

Ferrari SpA, the luxury car unit being spun off by Fiat Chrysler Automobiles , has picked UBS Group AG to help manage its initial public offering in New York this year, Bloomberg reported, citing people familiar with the matter.

Ferrari's listing may value the sports car unit at at least 10 billion euros ($10.97 billion), Fiat Chrysler Chief Executive Officer Sergio Marchionne said last week.

JPMorgan Chase & Co and Goldman Sachs Group Inc are also due to help in selling 10 percent of Ferrari's shares to investors, Bloomberg said, citing the sources. (http://bloom.bg/1LUSVKA)

UBS and Fiat Chrysler declined to comment. Ferrari could not be reached immediately.

Fiat Chrysler said in November it expects net industrial debt to drop by about 715 million euros with the help of the planned Ferrari spinoff.

FCA said last year it wants to invest 48 billion euros ($52.63 billion) over the next five years to turn Jeep, Maserati and Alfa Romeo into global brands to compete against Volkswagen and BMW by strengthening its position in the fast-growing and high-margin market for premium cars.

FCA shares were flat in Tuesday's trading in New York and are down 14 percent since June 3.- Reuters