Formula 1 is stepping up preparations for a public offering of stock on the Singapore stock exchange according to a report in by Britain's Financial Times
, which claims that Austrian Peter Brabeck-Letmathe, chairman and CEO of international food conglomerate Nestlé is poised to chair F1's parent company, Delta Topco, while Bernie Ecclestone would remain chief executive. Brabeck-Letmathe is a longtime board member of Delta Topco.
It is anticipated that the 30 percent, multi-billion dollar floatation of stock could occur as early as June, with Bloomberg reporting that the application could be filed this week. CVC Capital Partners, the private equity group that holds F1's commercial rights, and Nestle declined to comment on the report.