Nestle's Peter Brabeck installed as Formula One chairman

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Formula One motor racing has installed Nestle's Peter Brabeck as its chairman following a board meeting at the Monaco Grand Prix on Friday, Brabeck said.

The motor racing series has been cleared to float on the stock market in Singapore but Brabeck, who chairs Swiss food group Nestle, said no final decision had been taken on whether to proceed with a listing that could value the business at some $10 billion.

"It was the first time that the board had a report on the preparation, there was pre-valuation of the whole process. I think we made a step forwards but no decision has been taken."

"Within the board there is an IPO committee and the committee will come back to the full board when it feels that the next board meeting is necessary," he added.

"We have not even fixed the next meeting. We left this thing open."