Sergio Marchionne is now the Chairman of Ferrari after having ousted Luca Di Montezemolo earlier this month. The latter quit the company after not agreeing with the direction that, Marchionne – also the Chairman of FCA (Fiat Chrysler Automobiles), had envisioned.
The current CEO has ambitious plans for the company. And, they are big enough to make the board of directors approve the Prancing Horse as a separate entity; after which 10 per cent shares of the exotic carmaker will be up for grabs, probably at the New York Stock Exchange or even a European one.
This is what FCA CEO, Sergio Marchionne, had to say, “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.”
According to the plan, only 10 per cent of Ferrari’s shares will be offered to the public while the remaining 90 per cent will be distributed among present FCA shareholders. This process is expected to be completed by 2015 and will make sure that the capital needed for the growth plan (nearly 60 billion dollars) is somewhat raised; while still maintaining the Agnelli family’s hold over the Italian icon. The Agnelli family controls Exor investment company, which holds the single largest share of Ferrari at over 30 per cent.
The formation of Ferrari as a separate company will end Fiat’s 45 year ownership of the Italian marque. So, even if you can’t afford one of their cars you can go ahead and own a piece of the legendary sports car maker itself.