Ferrari listing on Milan stock approved

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Ferrari will be listed on Milan stock exchange from 4th of January, as part of Fiat Chrysler’s intentions to separate the Italian brand from the Group.

Fiat Chrysler Automobiles said that Borsa Italiana, Italy’s main stock exchange, has approved the listing of the common shares of Ferrari on the Mercato Telematico Azionario. As previously announced, the listing of the common shares of Ferrari on the MTA is part of a series of transactions intended to separate Ferrari N.V. from Fiat Chrysler Automobiles N.V. and to deliver FCA’s holders Ferrari common shares in accordance with a spin-off ratio of one Ferrari common share for every ten FCA common shares. These transactions are expected to be carried out between December 31 and January 3 and the trading will begin, subject to completion of the separation, on January 4.

The listing will happen about three months after the Italian brand’s initial public offering and its listing on the New York Stock Exchange. Fiat Chrysler sold 18.89 million shares of Ferrari stock, or 9% of the company, in October at the initial public offering price of 52 dollars per share, thus raising 982.4 million dollars. The automaker also said it will distribute 22,243,588 million Ferrari common shares of stock worth 2.875 billion dollars to the holders of FCA convertible securities, which have rights to Ferrari shares as the unit is spun off. The securities holders are receiving 0.77369 shares of Ferrari stock for every $100 in securities that they hold in FCA. This strategy is part of FCA’s CEO Sergio Marchionne wider plan to invest 52 billion dollars in a five-year term with the intention to develop and improve the company’s brands.