Fiat Chrysler: Ferrari to become a separate, publicly traded company next year
According to an announcement made by Fiat Chrysler this week, the automaker is spinning off its exotic luxury brand Ferrari into a separate company.
As a result of Fiat Chrysler's planned spinoff of Ferrari, 10 percent of the well-known brand's outstanding shares will be offered to the public; while the remaining shares will be reserved for the present shareholders.
Under the Ferrari spin-off plans announced by Fiat Chrysler CEO Sergio Marchionne on Wednesday, the famous Ferrari brand will become a separate, publicly traded company next year.
The move to spin-off Ferrari has apparently received the approval of Fiat Chrysler's shareholders, though most of the Ferrari fans are concerned about the future of a publicly traded company, which had consolidated with parent Fiat S. p. A in 2011.
With regard to Ferrari's spin-off, the US National Highway Traffic Safety Administration (NHTSA) also said in a recent statement that Ferrari is being spun off by Fiat Chrysler into a separate company; and that it has agreed to pay a penalty of $3.5 million.
As per the NHTSA statement, the penalty was imposed on Ferrari because of its failure to notify the agency about three fatal accidents in the specified timeframe. In addition, Ferrari has also failed to file any reports to the NHTSA over a three-year period.
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