Fiat Chrysler Automobiles NV investors approved the spinoff of its supercar unit Ferrari NV, part of Chief Executive Officer Sergio Marchionne’s plan to raise cash and reduce debt.
Shareholders voted about 98 percent in favor of the separation, in which Fiat Chrysler will distribute the remaining 80 percent stake in Ferrari to its own investors starting early next year. About two-thirds of Fiat Chrysler’s voting rights were present. The Italian-American carmaker already sold 10 percent of Ferrari in a New York initial public offering in October, raising about $1 billion. Piero Ferrari, son of the founder Enzo, holds the remaining 10 percent.
Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at [email protected].
Thank you.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at [email protected].
Thank you.
Read the full story at Bloomberg, by Tommaso Ebhardt
