Fiat Chrysler may consider loyalty program for Ferrari spinoff

Article by Christian Andrei, on December 2, 2014

Fiat Chrysler Automobiles will consider a loyalty program that hikes voting power of Ferrari shareholders when the carmaker spins off the premium sports car maker in 2015, according to FCA chairman John Elkann. A similar scheme was deployed Fiat merged into FCA this year, allowing it to rewarding its own long-term investors while benefiting controlling shareholder Exor.

Elkann is a scion of the Agnelli family who also leads Exor. FCA chief executive Sergio Marchionne disclosed in October plans to spin off Ferrari, sell a 10-percent stake in the sports carmaker through a public offering, and distribute FCA's remaining stake to its shareholders.

The spinoff would see the Agnelli family emerging as the largest shareholder in Ferrari. Should FCA proceed with the loyalty scheme, the Agnelli family could further control and expand its influence on Ferrari's future strategy.

When the announcement was made, speculations arose again on possible plans by the Agnelli family to create a cluster of luxury brands centered around Ferrari to rival groups such as France's Kering and LVMH.

Marchionne quipped in October that carmaking is "almost incidental" to Ferrari, saying that he sees the brand more as a luxury stock. Elkann, however, dismissed the idea of creating a luxury conglomerate, saying that plans entailed having Ferrari develop its own growth strategy.

Topics: fiat, chrysler, ferrari, ipo

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