by Agnieszka Flak

Fiat Chrysler Automobiles has denied a media report saying it was considering a move in the tax residence of its Ferrari luxury sportscar unit outside Italy.

"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.

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Source: http://www.reuters.com/