For the last 45 years, Fiat has owned Ferrari, and has overseen many successful models, including the 288GTO, F40 and Enzo, as well as many racing victories. But it appears that the era may be coming to an end, according to reports coming in that FCA is planning to make Ferrari a separate entity from FCA. According to Carscoops, Fiat will list 10% of Ferrari on the stock index with the remaining stocks distributed to FCA investors. According to FCA CEO Sergio Marchionne, shares are expected to be listed in the United States and possibly a European index.
FCA Chairman John Elkmann, who is a member of Fiat’s founding Agnelli family, released this comment: “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.”
Ferrari’s Italian heritage has been in question ever since Luca di Montezemolo’s resignation last month, with many worrying that Marchionne would reduce or cheapen the brand’s exclusivity.
“Be still my heart” 🙂
No actually they are not . That is if you chose to believe all the rhetoric coming from Marchionne as well as follow the convoluted money trail beneath all the Smoke & Mirrors behind this . What FCA is hoping to do [ * see my sidebar below ] is to offer up a 10% minimal stake in Ferrari by offering an IPO . With FCA , Piero Ferrari and the Elkann’s [ via their Italian investment firm ] still maintaining control of Ferrari . So what this is is yet another attempt [ again see below ] on behalf of FCA and Ferrari to garner some desperately needed cash for Ferrari [ as well as FCA ] …. seeing as how Ferrari SpA has never made a dime/euro/lire of genuine profit since the inception of the company
* The problem FCA etc is facing is the fact that Ferrari refuses [ and has done so since the 50’s ] to expose their books to the auditors .. an action which has prevented each and every attempt by then FIAT SpA and Ferrari SpA to offer up an IPO in several markets across the globe over the past five years . So why they think they can get an IPO now when in fact nothing has changed is incomprehensible
Hopefully the above is of some interest to a few of you . For the rest … I’m sure another article or two’s on the way about the Dodge Asthmatic Kitty twins 😉