Published October 29, 2014 9:39am EDT | Updated January 8, 2015 2:44pm EST

Fiat Chrysler Shares Jump 18% After News Of Ferrari Spinoff

Shares of Fiat Chrysler Automobiles NV surged 18% in Milan on Wednesday after the company said it will spin off Ferrari SpA into a separate company and list a 10% stake on the market. FCA said it plans to float the car maker during 2015 and will seek a listing in the U.S. and possibly at a European exchange. The move is part of FCA's plan to raise money to finance the its 48 billion euro ($61 billion) five-year growth plan.