Last month it was reported that Fiat Chrysler planned to list stock in Ferrari N.V. on the Italian MTA stock exchange in addition to its existing spot on the New York Stock Exchange. Now the automaker has announced Ferrari N.V. has been approved for listing on the Milan-based Italian exchange, with trading expected to start on January 4th, 2016.
“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 to holders of FCA common shares Ferrari common shares in accordance with a spin-off ratio of one Ferrari common share for every ten FCA common shares,” a statement released by FCA read.
“These transactions are expected to be carried out between December 31, 2015 and January 3, 2016 and Ferrari shares are expected to commence trading, subject to completion of the separation, on January 4, 2016.”
FCA held Ferrari’s IPO in late October, selling off a nine percent stake in the supercar manufacturer and offering an additional one percent of the company to the listing’s underwriters. In January it will sell off its remaining 80 percent share in Ferrari to its shareholders, with 10 percent of the company to remain with son of company founder Enzo Ferrari, Piero Ferrari.