It was simply a question of ‘when’ as opposed to ‘if’ it was going to happen, but finally, it can be put to rest. Ferrari has officially broken away from Fiat Chrysler Automobiles (FCA). The move has been years in the making and all signs pointed to an eventual split when the Italian automotive giant announced Ferrari’s initial public offering back in October 2015. With the spin-off completed, FCA’s current shareholders are entitled to receive one common share in Ferrari for every ten shares they have in Fiat Chrysler. In addition, individuals who hold FCA mandatory convertible securities are allowed to receive 0.77369 shares of Ferrari for each MCS unit of $100 in notional amount. Following the separation, a total of 188,923,499 common shares in Ferrari are outstanding, while the issued common shares in the capital of Ferrari stands at 193,923,499.
These shares account for 80 percent of the company’s ownership, which until today, was controlled by FCA. Ten percent of the company is still owned by Piero Ferrari, the son of Ferrari founder Enzo Ferrari, while the other ten percent was floated as part of the company’s IPO late last year.
FCA shareholders who also participate in the company’s loyalty voting program are entitled to receive voting shares in the same proportions - one special voting share of Ferrari for every 10 special voting shares of FCA. All in all, 56,497,618 special voting shares were issued and are outstanding as of the completion of the Maranello-based company’s split from its former parent company.
Despite the major shakeup, Ferrari common shares will continue to be traded on the New York Stock Exchange under the now familiar RACE ticker symbol. Likewise, these common shares have also been approved for listing at the Mercato Telematica Azionario where it began trading on January 4, 2016 under the same RACE ticker symbol. Unfortunately, the company’s debut in the Milan stock exchange stalled after its share prices dipped from €43 to €41.75 amid concerns caused by the unpredictability of the Chinese markets. The shares eventually recovered, closing at €43.46 upon the end of the trading day.
Continue after the jump to read the full story.
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