makers of the iconic Ferrari cars, is being spun off as a separate company by
Fiat Chrysler Automobiles (FCA) and will in all probability be listed in the
United States as well as a European stock exchange. The Board of Directors of
Fiat Chrysler Automobiles announced that in connection with FCA’s
implementation of a capital plan appropriate to support the Group’s long-term
success, it has authorised the separation of Ferrari S.p.A.from FCA. There will
be a public offering of FCA’s interest in Ferrari equal to 10pc of Ferrari’s
outstanding shares and a distribution of FCA’s remaining Ferrari shares to FCA
shareholders. The Board has authorised FCA management to take the steps
necessary to complete these transactions during 2015.
Chairman of FCA said that he was 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,”
In a press
release issued by the company, FCA CEO Sergio Marchionne stated that “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 maximising the value of our businesses
to our shareholders, it is proper that we pursue separate paths for FCA and
Marchionne added that the “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.”
of Ferrari will be subject to customary regulatory approvals, tax and legal
considerations, final approval of the transaction structure from the FCA Board
of Directors and other customary requirements, the release added.
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