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Fiat Chrysler Shareholders Approve separation of Ferrari

Investors vote about 98 percent in favor of separation; Fiat investors will get 80 percent of Ferrari early next year

Ferrari_-2011

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.

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Read the full story at Bloomberg, by Tommaso Ebhardt

 

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