Fiat Chrysler has announced it has officially separated from Ferrari N.V. as of January 3rd, 2016. FCA began its spinoff of Ferrari when it sold off a 10 percent stake in the supercar manufacturer in an IPO in October and will now sell its remaining 80 percent share in the brand on the New York Stock Exchange and the Italian MTA.
Ferrari shares will continue to trade under the RACE ticker symbol on the NYSE, however a new Committee on Uniform Security Identification Procedure (CUSIP) number has been assigned to Ferrari: N3167Y 103. It will trade under the RACE ticker symbol on the MTA with the International Securities Identification Number (ISIN) code NL0011585146.
With the separation, Ferrari is now controlled by the Agnelli family’s holding company, Exor SpA, which also owns a majority 23.5 percent stake in Fiat Chrysler. The cash raised through the sale of Ferrari will be used to relieve Fiat Chrysler of some of its debt and will help fund Sergio Marchionne’s new product offensive – which includes new products from Alfa Romeo and Maserati.