Last October, 10 per cent of Ferrari was listed on the New York Stock Exchange at $52 a share. Now, the remaining 80 per cent has been distributed across investors and the Italian stock exchange, the Mercato Telematico Azionario (MTA). This means that for the first time since 1969, Ferrari is no longer under the control of Fiat.
The Agnelli family the biggest shareholder, with a 24 per cent stake. Meanwhile, Enzo Ferrari’s son, Piero, holds a 10 per cent. In the deal, Piero Ferrari and the Agnelli family have signed an agreement preventing any hostile takeovers of the company.
Since Ferrari entered the NYSE, prices have dropped by about $4 per share to around $48. During initial trading on the MTA in Italy, shares fell by around five percent.
The main reason Fiat Chrysler Automobiles decided to spin off Ferrari was to raise money for the massive model expansion it’s planning.
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