The head of Fiat Chrysler officially announced about the separation of Ferrari on January, 4, 2016, during the entering the Milan stock exchange.
For the first time in 47 years Ferrari gained its independence, showing up as a separate from the Fiat Chrysler company. Head of Fiat Chrysler said in an interview that Ferrari had an independent management and its financial structure before the official separation, and now all the changes are legal, and the company will need to make an effort to preserve the exclusivity of the brand. Also, representatives of Fiat Chrysler announced that for Ferrari begins a new and very important chapter in the history.
Exchange Trading Room Roma Analysts noted that the first day on the stock exchange for Ferrari was a disaster. Shares plummeted immediately by 3% after the opening of trading, although by the end of the day the value got back to the original. Also, experts spoke about the reasons for the separation of Ferrari, according to analyst Eduardo Lune, for Fiat Chrysler it is the ability to cope with their multi-billion dollar debt (with the release of the brand up for sale Fiat Chrysler has received 925 million euros).
At the same time, investors of Fiat Chrysler expressed their concern as in 2014 Ferrari has provided 12% of the company’s revenue, and the global restructuring of the company, which Fiat Chrysler is going to allocate a large sum, may lead to adverse consequences. Fiat Chrysler shares have already fallen by 36% on the stock exchange in Milan.
Now the Ferrari company is controlled by Exor SpA, which is owned by the Agnelli family, and Piero Ferrari, who has 10%. Recently, the parties signed an agreement on protection from hostile mergers, in order to protect the group, and make all the important decisions regarding purchases and sales of shares collectively.
Source: ru.euronews.com
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