Rapid developments are taking place at Ferrari with Fiat Chrysler Automobiles (FCA) announcing on Wednesday plans to spin off the supercar maker into a separate entity.
FCA will list a 10 percent stake of Ferrari on the stock market next year with the remaining 90 percent shares to be distributed among FCA shareholders who include Fiat’s founders, the Agneli family.
The automaker said it expects that Ferrari shares to be listed in the United States and possibly a European exchange as well.
“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,” said FCA CEO Sergio Marchionne.
FCA Chairman and a scion of the Agnelli family, John Elkann, commented:
“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.”
The move, which will end Fiat’s ownership of Ferrari after 45 years, follows previous chairman Luca Cordero di Montezemolo’s resignation in September after 23 years at the company.
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