Fiat Chrysler Automobiles NV, the parent company of Ferrari NV, has approved the spinoff of Ferrari,
the
Wall Street Journal
reported.
Italy's Agnelli family controls Fiat Chrysler.
Fiat Chrysler sold 10% of Ferrari at an initial public offering in October. Fiat Chrysler plans to use the IPO proceeds to help finance production of its own vehicles and to revive its brands that are struggling, the
Journal
article said.
“Fiat Chrysler's remaining 80% stake in Ferrari will be transferred to shareholders in January,” the
Journal
article said. “The remaining 10% is owned by Piero Ferrari, son of the sports-car maker's founder, who will receive a payment of about $300 million from Ferrari at the time of the spinoff.” (Source:
Wall Street Journal
, Dec. 4, 2015.)
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