Formula 1’s Stock Market Flotation On Track

By Community | May 5, 2012

Formula 1’s stock market flotation in Singapore is still on course according to the man who may oversee the listing.

Peter Brabeck-Letmathe, a board member of Delta Topco, Formula 1’s commercial rights holding company, confirmed in an interview with Austrian newspaper Salzburger Nachrichten progress towards the flotation was ongoing.

“We intend to float F1 in Singapore soon,” said Brabeck-Letmathe, Chairman and former CEO of Nestle. “Some roadshows and presentations have taken place already.

The flotation has been tipped to go ahead in June with around $2-$3billion of shares in Delta Topco due to be offered.

Brabeck-Letmathe also confirmed rumours he may take over Delta Topco, after Nestle’s board of directors gave their approval for his appointment.

“It’s true that I said I would be ready to chair the board in a non-operative function. If F1 goes public it will be important to have an independent chairman.”

It is thought Bernie Ecclestone will continue in his role as Formula 1’s Chief Executive after any flotation but Brabeck-Letmathe knows he has to be prepared for all eventualities.

“We all hope that Bernie stays healthy for a long time and continues. I am impressed by his efforts,” he said.

“However, it is the duty of a board to secure the succession. At Nestle, I always made sure that any executive board member could be replaced within 24 hours. This would also apply to F1 when it becomes a public company.

“We have to consider the future long-term, with new structures, new individuals, possibly both.”