Ferrari 458 Speciale Launch 034

While it wasn’t easy for Luca Cordero di Montezemolo to leave his position as Chairman of Ferrari S.p.A. recently, citing reasons that the Italian sports car manufacturer will have “an important role to play within the Fiat Chrysler Automobiles (FCA) Group”, the newly merged parent holding company has, after Montezemolo’s resignation, announced its decision to separate Ferrari from the group.

“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 maximizing the value of our businesses to our shareholders, it is proper that we pursue separate paths for FCA and Ferrari. 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.” said FCA Chief Executive Officer Sergio Marchionne.

The separation is said to be part of FCA’s implementation of a capital plan to support the Group’s long-term success, offering 10 percent of Ferrari’s outstanding shares and a distribution of FCA’s remaining Ferrari shares to FCA shareholders. The Ferrari shares is said to be listed in the United States and European exchange markets.

“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.” said FCA Chairman John Elkann.

 



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