10 percent of Ferrari will be sold to the public, remaining shares will go to FCA shareholders

Article by Christian A., on October 29, 2014

According to the latest reports, it appears that Fiat Chrysler Automobiles NV plans to sell 10 percent of Ferrari shares, while the rest of 90 percent will be give to its own shareholders. Chrysler officially announced that the separation will be completed next year and Ferrari shares will be listed in the United States and possibly in Europe.

The official press release said that Ferrari and Fiat Chrysler Automobiles NV plans need to pursue separate paths.

As you may know already, this news comes after former chairman Luca Cordero di Montezemolo stepped down from Ferrari and replaced by Sergio Marchionne. Several reports said that Luca Cordero di Montezemolo had a clash with Marchionne over strategy.

"I am delighted to have taken this additional step in the development of FCA. Coupled with the recent listing of FCA shares on the NYSE, the separation of Ferrari will preserve the cherished Italian heritage and unique position of the Ferrari business and allow FCA shareholders to continue to benefit from the substantial value inherent in this business" said John Elkann, Chairman of FCA.

FCA CEO Sergio Marchionne added. "Following our acquisition of the minority interest in Chrysler earlier this year, the transformation of Fiat and Chrysler into FCA was completed earlier this month with our debut on the New York Stock Exchange. As we move forward to secure the 2014-2018 Business Plan and work toward maximizing the value of our businesses to our shareholders, it is proper that we pursue separate paths for FCA and Ferrari," Marchionne continued, "The Board supports management's determination that this transaction represents FCA's best course of action to support the long term success of the Group while at the same time substantially strengthening FCA's capital base."

Topics: ferrari, ipo

If you liked the article, share on:

Comments

Recommended

A lot of people have been questioning BMW’s design direction lately, albeit the beautiful Z4 concept and the alluring 8 Series concept are excluded from this narrative. This began after...
by - September 20, 2017
We first saw the Galibier Concept eight years ago when Bugatti unveiled it. But today, it seems like they still have not given up on the development of an ultra-luxury...
by - September 20, 2017
With all the hype surrounding the Dodge Challenger SRT Demon, it seems that it will be one of the most successful vehicles from the automaker even before it hits the...
by - September 20, 2017
McLaren Special Operations’ (MSO) latest project pays tribute to the racing homologation car from 1997 - that is the F1 XP GT “Longtail”. Today, they have styled six new McLaren...
by - September 20, 2017
Alfa Romeo’s much anticipated launch of a new larger sedan has been put off by at least three more years as reported by Automotive News. What was supposed to arrive...
by - September 20, 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