Sergio Marchionne now owns 1 percent stake in Fiat Chrysler Automobiles

Article by Christian A., on November 7, 2014

Fiat Chrysler Automobiles chief executive Sergio Marchionne now has a 1-percent stake in the carmaker and almost doubled is voting stake after exercising his stock options before the Nov. 3 expiration date. He used to have 6.8 million shares for a 0.65 percent stake in FCA. He now has 12.1 million shares for a 1-percent stake.

He also used to have a 0.4 percent voting stake in FCA, but now has a 0.75-percent voting stake, based on a total share capital of 1.6 billion shares, including loyalty shares, as calculated by Reuters. The shares purchase means Marchionne is now FCA’s fifth-largest shareholder, according to data compiled by Bloomberg.

Exor, the Agnelli family's holding company, remains FCA’s largest with 30 percent of common shares and 46.6 percent of the voting rights. Marchionne exercised options due to expire on Nov. 3 for 6.25 million shares and the same number of shares in CNH Industrial for a price of EUR83.6 million ($105 million), according filings made with Dutch market regulator AFM.

He then sold the shares on Oct. 30-31 for EUR94.3 million, allowing him to gain over EUR10 million. Marchionne then increased his stake in the carmaker by exercising his remaining 10.67 million stock options.

He then sold a portion of those "for the sole purpose of funding the strike price and meeting the relevant tax liabilities."

FCA’s share price surged after Marchionne announced a plan to spin off Ferrari, sell a 10-percent stake through a public offering and distribute the rest of FCA's stake in the brand to shareholders. The move is part of a bigger plan to raise funds help trim group debt and finance its five-year business plan.

If you liked the article, share on:

Comments

Recommended

One of the executives at Volkswagen tagged in the so-called Dieselgate scandal has pleaded not guilty to a list of allegations surrounding the carmaker’s actions to cheat emissions regulations in...
by - February 27, 2017
When the Crown De Luxe saloon was first released in 1972, it was at that time the most lavish Toyota model available to British customers. Both unusual and exclusive, one...
by - February 27, 2017
The ride-sharing fleet of sharing Lyft Inc. will soon include thousands of specially fitted self-driving Chevrolet Bolt electric vehicles, courtesy of General Motors. If plans push through, Lyft’s clients would...
by - February 27, 2017
J.D. Power has officially released the 2017 Vehicle Dependability Study, an annual list of the most dependable brands in the auto industry. Once again coming on top is Lexus, the...
by - February 26, 2017
Citroen revealed that its entry to the Chinese market is moving forward with the planned release of the new generation C5. While still on sale on this part of the...
by - February 26, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries