Soon it will be possible to own a stake in Ferrari, but even when it is publicly listed the Italian supercar maker probably will remain a family-owned carmaker.
Fiat Chrysler Automobiles plans to spin off 10 percent of its 90 percent stake in Ferrari by June 2015 via a listing in New York and perhaps a few other stock exchanges. The remaining 80 percent will be distributed at no cost to Fiat Chrysler shareholders.
Meanwhile, Piero Ferrari, son of company founder Enzo Ferrari, will maintain his 10 percent share.
Fiat Chrysler CEO Sergio Marchionne said Wednesday it was “too early to tell” whether the company would redistribute the Ferrari shares using a loyalty scheme employed when Fiat S.p.A. became Fiat Chrysler Automobiles NV earlier this year.
Under the scheme, Fiat investors who held their stakes for at least three years before the changeover obtained two votes for each share they owned. The biggest beneficiaries were the heirs of Fiat’s founders. The Agnelli-Elkann family’s 30 percent stake in Fiat S.p.A. has turned into 46.6 percent of Fiat Chrysler’s voting shares.
If loyalty is rewarded again then the Agnelli/Elkann family would get 36 percent of Ferrari’s voting shares and Piero Ferrari would have 15 percent. Combined, they would have a dominant 51 percent share of any vote on Ferrari’s future, thus decreasing the chances that a non-family investor could takeover one of Italy’s few remaining icons.