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FCA Shareholders Approve Ferrari Spinoff
Fiat Chrysler Automobiles NV reports that 98% of its shareholders have approved the spinoff of the company’s Ferrari SpA supercar unit.
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Fiat Chrysler Automobiles NV reports that 98% of its shareholders have approved the spinoff of the company’s Ferrari SpA supercar unit.
FCA raised about €1 billion ($982 million) in October by selling 10% of the iconic carmaking operation in an initial public offering in New York City. Another 80% will be sold to FCA’s own investors in early 2016 for a projected €2.8 billion. The remaining 10% stake is held by Piero Ferrari, son of founder Enzo Ferrari.
CEO Sergio Marchionne says spinning off Ferrari will enable the latter company to “realize its full potential.” The move also will generate cash to reduce FCA’s €10.3 billion debt load and help finance FCA’s huge product development plan.
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