Ferrari shares are now trading on the Italian stock exchange after the Fiat Chrysler Group distributed its 80 percent stake in the supercar manufacturer to shareholders. Designed to complete a flotation that was first announced over a year ago, the move means that Fiat no longer directly controls the manufacturer that it purchased way back in 1969.
The powerful Agnelli family that founded Fiat, holds 24 percent of stock, which means that they still remain Ferrari’s largest shareholder. Piero Ferrari, the son of the sportscar brand’s founder Enzo, holds 10 percent. However, in effect the Agnellis and Piero Ferrari control just under 49 percent of voting rights, as longer-term Ferrari investors get extra influence in corporate issues. In December, the two parties signed an agreement designed to prevent any hostile takeovers by agreeing to offer each other first refusal on any stock they want to sell.
Ferrari shares dropped by around 5 percent during initial trading on the Italian stock exchange in Milan. They have also failed to stay at the price set during their Initial Public Offering (IPO) in New York, falling around $4 since they were issued at $52 in October. Around 10 percent of Ferrari was offered in that initial sale.
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