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Ferrari splits from FCA after its IPO

Team OD  /
05 Jan 2016 20:45:19 IST

Ferrari hasnow officiallysplit from the FCA group after the company's recent initial public offering. As a consequence of this, stakeholders at FCA will receive one common share in Ferrari for every ten shares that they hold in Fiat Chrysler. Certain shareholders will also receive special voting shares.

The shares that have been distributed account for 80 per cent of the company's stakes. Of the remaining 20 per cent, 10 was floated as Ferrari's IPO and the other 10 is owned by Enzo Ferrari's son Piero Ferrari, the vice chairman of the company.

Ferrari 488 Spider Red_1

The shares will continue to be traded at the New York Stock Exchange under the ticker labelledRace. Starting this week, they will also be traded at the Mercato Telematico Azionario, which is a part of Borsa Italiana, Italy's main stock exchange.

The Agnelli family, headed by chairman John Elkann, holds the largest stake in FCA and will most likely control the largest portion of Ferrari as well. Around half the shares and most of the voting rights will probably be controlled by the Agnelli and Ferrari families. Sergio Marchionne, who previously headed both Fiat and Chrysler before the merger, will continue to serve as the chairman of Ferrari and the chief executive of FCA.

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