Ferrari's plan to spinoff from Fiat Chrysler Automobiles (FCA) was officially completed on Jan. 3. The plans for a spin-off came after 10 percent of Ferrari stakes went up for sale on the New York Stock Exchange in Oct. 2015, as reported previously by HNGN.
As part of the arrangement of the spin-off, investors of FCA got one Ferrari common share for every 10 FCA common shares they hold, according to Wall Street Journal. Only a day after the completion of the separation, Ferrari entered Milan's stock exchange market, showcasing eight of its sports cars during the ceremony at the Midnight Palace.
"From the moment we announced the split from FCA, a journey came to an end. But the truth is that today another big chapter is beginning. This listing marks Ferrari's independence, which is essential in maintaining its development and potential," said Sergio Marchionne, Ferrari's chairman, according to Yahoo News. "The spin-off gives Ferrari the necessary independence to uphold the uniqueness of its models and its brand and to fully realize its potential."
Marchionne also expressed that Ferrari will maintain its luxury heritage, also hoping that the brand can position in high-trading multiples of companies like Hermes and Prada, Reuters reports.
This is the first time that the car brand stands independent, after 47 years under FCA.
