It said: "The number of common shares to be offered and the price range for the proposed offering have not yet been determined, although the proposed offering is not expected to exceed 10 percent of the outstanding common shares." Earlier this month it said: "The separation of Ferrari from FCA does not and will not entail a change in the tax residence of Ferrari. In fact, Ferrari will continue to be organised under Italian law and tax resident in Italy. Ferrari will pay Italian taxes on its income as all Italian tax resident corporations do." UBS Investment Bank, Bank of America Merrill Lynch and Banco Santander are acting as joint holders for the offering and UBS Investment Bank is acting as global coordinator. The registration statement relating to these securities has been filed with the SEC but has not yet become effective." No trading can take place until the registration statement comes into effect. The change "will not shift personnel from Ferrari, nor will it reduce employment levels or activities carried out by Ferrari in Italy," said the company. (AGI)