Ferrari S.p.A., 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.
John Elkann, 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,” said Elkann.
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 Ferrari.”
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.”
The spin-off 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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