Ferrari Now Free Of Fiat-Chrysler Control After Spin-off Completion

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Fiat-Chrysler Automobiles (FCA)  has completed its spin-off of supecar maker Ferrari after it divested off its remaining shares by listing them on the Milan Stock Exchange on January 4, 2016. The shares listed on the New York Stock Exchange in October were available to the public to buy, however, the Milanese divestment saw the remaining shares being given off to existing FCA shareholders.

The spin-off basically means that the Maranello based Ferrari is now free from the control of Fiat-Chrysler with regards to its day to day operations and is now a publicly traded company for the first time in its 70 years of existance.

However, control of the company is almost basically at the same level as it was before with the Agnelli family, who own 23% of Ferrari and Pierro Ferrari, the son of Enzo Ferrari and owner of 10% of the company, who together control around 49% of the voting rights teamed up together in December.

Read more on: #ferrari #fiat #auto news
Story first published: Tuesday, January 5, 2016, 11:49 [IST]
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