Morningstar analyst Richard Hilgert said he likes the Ferrari move and how it will be received.
"Assuming that the cash and debt take up at least 50 percent of the enterprise value, we estimate that shareholders of Fiat Chrysler should benefit by at least $3 per share in trading," Hilgert said.
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Marchionne is hoping to close the deal as quickly as possible, with Ferrari's IPO roadshow starting as early as next month.
"We need to get off our butts and get that done pretty quickly, because the impact on earnings is substantial," he said.
But Marchionne will not be through making moves once the IPO is complete.