Ferrari officially breaks away from FCA
Ferrari officially breaks away from FCA
Ferrari stocks listed under new symbol after January 4
The expected split of Ferrari from Fiat Chrysler Automobiles (FCA) is now official after the ‘Prancing Horse’ brand completed the separation process last January 3, 2016.
With the recent development, FCA shareholders were reminded that they are entitled to receive one common share of Ferrari for every 10 FCA common shares they’re holding. Beyond that, FCA shareholders that are participating in the company loyalty voting program will also receive one special voting share of Ferrari for every 10 special voting shares of FCA held.
The shares being distributed accounts for 80% of the company’s stake. The other 10% was used for the IPO while the remaining 10% belongs to Piero Ferrari (Enzo’s son), the Vice President Chairman of Ferrari.
Up until January 4, 2016, Ferrari listed their common shares at the New York Stock Exchange (NYSE) under the symbol race. It will eventually be traded under the new ‘CUSIP N3167Y 103’. The shares are also present at the Mercato Telematico Azionario (MTA) of Milan, Italy. All Ferrari common shares have been approved for listing and trading has commenced since January 4, 2016.
Last October, Bloomberg reported that the automaker’s initial public offering (IPO) has already raised $893M. Its subsidiary, Ferrari N.V., priced the share at the top end of the market due to investor demand surpassing the available stock. FCA, on the other hand, has valued the 17.18 million shares at $52 each.
By making Ferrari public, they expect that FCA will be able to amass more than $4 billion and will still have 1.72 million shares as extra allowance for their shareholders. There will also be a $3.2 billion additional funds ready for 2016 added Bloomberg.
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