It's been a long time in the making, but it's officially happened: Ferrari is no longer part of Fiat Chrysler Automobiles. Following the Italian automaker's initial public offering, it has officially split off from its former parent company. As part of the spin-off, FCA's stakeholders will each receive one common share in Ferrari for every ten they hold in Fiat Chrysler. Special voting shares will be distributed in the same proportions to certain shareholders as well. Those shares being distributed will account for 80 percent of the company's ownership. Another ten percent was floated as part of the company's IPO, while the remaining 10 percent is held by Enzo's son Piero Ferrari (pictured above at center), who serves as vice chairman of the company.

The shares will continue to be traded under the ticker symbol RACE on the New York Stock Exchange, and will begin trading this week as well under the same symbol on the Mercato Telematico Azionario, part of the Borsa Italiana in Milan. Since the extended Agnelli family headed by chairman John Elkann (above, right) holds the largest stake in FCA, expect it to continue controlling the largest portion of Ferrari shares as well. Between them, nearly half of the shares in the supercar manufacturer – and we suspect a little more than half of the voting rights – will be controlled by the Agnelli and Ferrari families, who are expected to cooperate to ensure the remaining shareholders don't attempt a takeover of the company.

Similar to its former parent company, which operates out of Turin and Detroit, the Ferrari NV holding company is nominally incorporated in the Netherlands, but the automaker will continue to base its operations in Maranello, Italy. That's where it's always been headquartered, on the outskirts of Modena. For the time being, Sergio Marchionne (above, left) remains both chairman of Ferrari and chief executive of FCA – a position to which he is not unaccustomed, having previously headed both Fiat and Chrysler before the two officially merged.

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Separation of Ferrari from FCA Completed

LONDON, January 3, 2016 /PRNewswire/ --

Fiat Chrysler Automobiles N.V. ("FCA") (NYSE: FCAU / MTA: FCA) and Ferrari N.V. ("Ferrari") (NYSE/MTA: RACE) announced today that the separation of the Ferrari business from the FCA group was completed on January 3, 2016.

FCA shareholders are entitled to receive one common share of Ferrari for every 10 FCA common shares held. In addition, holders of FCA mandatory convertible securities are entitled to receive 0.77369 common shares of Ferrari for each MCS unit of $100 in notional amount. The Ferrari common shares outstanding following the separation are 188,923,499, while the issued common shares in the capital of Ferrari are 193,923,499.[1] In addition FCA shareholders participating in the company's loyalty voting program will receive one special voting share of Ferrari for every 10 special voting shares of FCA held. The Ferrari special voting shares issued and outstanding as of completion of the separation are 56,497,618. Special voting shares are not listed and cannot be traded.

Ferrari common shares will continue to trade on the NYSE under the RACE ticker symbol, but from January 4, 2016, the shares will trade under the new CUSIP N3167Y 103. Ferrari common shares have been approved for listing and are expected to commence trading on the Mercato Telematico Azionario ("MTA") on January 4, 2016, under the RACE ticker symbol and the ISIN code NL0011585146.

The MTA listing prospectus and related documents are available on the Corporate - Investors page of the http://www.ferrari.com website. The transfer agent and registrar for the Ferrari's common shares is Computershare Trust Company, N.A. For questions relating to the distribution of Ferrari common shares, shareholders may contact Computershare via phone at +1-866-289-9404 or via email at web.queries@computershare.com. Any shareholder that holds common shares through a bank, broker or other intermediary or nominee, should contact that institution directly. Additional information on the separation is also available on the investor relations page of the http://www.fcagroup.com website.

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