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 "These rumors have no grounds," FCA said in a statement. "There is
no intention to move the tax residence of Ferrari SpA outside Italy,
nor is there any project to delocalize its Italian operations, which
will continue to be subject to Italian tax jurisdiction."
FCA chief Sergio Marchionne said in October he would spin off
Ferrari from the group next year, selling a 10 percent stake via a
public offering and distributing the rest of FCA's stake to its
shareholders.
The carmaker will be listed in the United States and possibly a
European exchange, FCA has said.
The newly created FCA and sister company CNH Industrial, combining
the spun-off Fiat Industrial with CNH to create a U.S.-listed
manufacturer of trucks and tractors, have moved their headquarters
and tax domicile to Britain and their legal base to the Netherlands.
The moves mark a politically sensitive shift away from Italy, Fiat's
home for the past 115 years.
Both companies have a primary listing in New York but are also
listed in Milan.
A move in Ferrari's tax base away from Italy would be unpopular with
the government of Prime Minister Matteo Renzi, which is pushing
through reforms to create jobs and to revive an economy mired in
recession.
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However, Rome has so far been careful not to antagonize Italy's
biggest manufacturing employer, stressing its pledges to invest
billions of euros in production showed Fiat's commitment to its
origins.
FCA shares closed down 6.3 percent in Milan and were down 3.2
percent at $11.1 in New York by 2029 GMT, weighed down by the
response to the pricing of the company's bond and share offerings
released earlier on Thursday.
(Editing by David Holmes)
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