Ferrari chairman Luca Cordero de Montezemolo has quashed rumors that the famous Italian sports car manufacturer may be going public
, reaffirming previous comments from Fiat boss Sergio Marchionne that there were no plans to sell the brand
"There is no program to list Ferrari, no program at all," Cordero de Montezemolo told reporters at a special event at the automaker’s headquarters in Maranello, Italy.
Suggestions that Ferrari could be up for sale originated from analyst speculation that said the brand should be sold in order for its parent company, Fiat, to reduce debt while also funding its stake in Chrysler.
In terms of value, Marchionne has said in the past that Ferrari was worth at least $7.3 billion. This is about $3 billion more than what analysts believe Ferrari is worth and close to 63 percent of Fiat's entire market value. As the Fiat boss likes to explain, Ferrari is “sacred” and that this adds a certain value that is immeasurable.