F1 racing ahead with $3bn floatation plans

Apr.26 (GMM) F1's plans to float on the Singapore stock exchange are continuing to harden.

Bernie Ecclestone, CEO Formula One Group, with Pasquale Lattuneddu, of the FOM
Bernie Ecclestone, CEO Formula One Group, with Pasquale Lattuneddu, of the FOM

Photo by: xpb.cc

The sport's majority owner CVC has reportedly lined up several banks - including UBS, RBS, Morgan Stanley, Goldman Sachs, Santander, DBS Group Holdings and CIMB - to handle the transaction.

And now media reports, including in the authoritative Financial Times, say Austrian businessman, Nestle chairman and existing F1 board member Peter Brabeck-Letmathe is being lined up to chair the parent company.

Bernie Ecclestone would remain chief executive.

It is expected that the 30 per cent, multi-billion dollar floatation could occur as early as June, with Bloomberg reporting that the application could be filed this week.

CVC and Nestle, the food giant, declined to comment.

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About this article
Series Formula 1
Drivers Bernie Ecclestone
Tags brabeck-letmathe, ecclestone, singapore