10% of Ferrari stakes were liquidized at Wall Street last month. The remaining will be distributed in Milan trading on January 4.
The Fiat Chrysler group has decided to sell its stakes in the company and make it an independent company. The shareholders of Fiat Chrysler had no objection over selling the company’s stakes in Ferrari. Sergio Marchionne, CEO of Fiat Chrysler group and the Chairman of Ferrari confirmed that the company’s remaining 80 % stakes will be distributed to its shareholders. This decision was approved by the shareholders at Amsterdam which is the Fiat Chrysler Group’s hometown.
10% of Ferrari stakes were liquidized at Wall Street last month by the Italian-American automaker. The remaining stakes will be distributed in Milan trading on January 4, 2016. The supercar maker will then be controlled by Exor Spa, Agnelli family holding company and founder Enzo Ferrari’s son Piero Ferrari who will retain 10% stakes in the company.
The Fiat Chrysler group was facing financial crisis since a long time. These situations made it difficult for the group to maintain the heritage of the legendary supercar maker. The liquid funds that will come out of this deal are expected to get the Fiat Chrysler group back on its feet.
However, Marchionne plans to do something Enzo would have never done. He is planning to transform the company into a luxury goods company. This will make the brand more profitable and affordable for people to buy. But what lefts to be seen is that, will they be able to retain the basic automaker’s racing DNA.
The Italian automaker is a brand that everyone wants and wishes for. The Italian automaker was running behind due to the entry of new competitors such as Lamborghini, Pagani, etc. But, it has made a comeback with the La Ferrari. The hybrid supercar competes with McLaren P1, Porsche 918 Spyder, etc. The other cars show better numbers. But, almost all the reviewers admit that the fun Ferrari gives is unmatchable. This is the automaker’s legacy. We hope that it is carried forward.