Fiat Chrysler shareholders officially approved the sale of the automaker’s remaining 80 percent stake in Ferrari N.V. this week, Bloomberg reports.
A 10 percent stake of FCA’s 90 percent ownership of Ferrari was sold in an IPO last month, and with this week’s approval, which investors voted 98 percent in favor of, the remaining stake will be sold in early 2016. Son of company founder Enzo Ferrari, Piero Ferrari, will retain his 10 percent stake in the company.
The sale will help FCA raise cash for its efforts to reduce its $10.9 billion of net debt. The supercar manufacturer will raise about $3.8 billion euros for FCA, however as Bloomberg points out, it also loses its strongest and most lucrative brand.
“The separation will better enable Ferrari to realize its full potential,” Marchionne said. “It will also allow Fiat investors to benefit directly from the substantial value inherent in Ferrari.”