04/01/2016
NEWS STORY
Following its listing on the New York Stock Exchange, Ferrari has made an impressive debut on the Milan version.
The move completes the separation from Fiat Chrysler Automobiles SpA, and sees the new company controlled by Exor SpA - the investment company controlled by the Agnelli family and which has a 29% stake in Fiat Chrysler - and Piero Ferrari, son of company founder Enzo Ferrari, who retains a 10% stake.
"From the moment we announced the split from FCA, a journey came to an end," said Ferrari Chairman Sergio Marchionne, at the listing ceremony this morning which saw a number of Ferraris lined up outside the Palazzo delle Borse, the roar from their engines heard throughout the ceremony, which was attended by Prime Minister Matteo Renzi.
"The truth is that today another big chapter is beginning," said Marchionne. "This listing marks Ferrari's independence, which is essential in maintaining its development and potential," he said, promising customers "ever-more exclusive models".
Shares began trading at €43 before slipping to €41.75, before being briefly suspended and then climbing to €41.90 euros.
Ferrari made its debut on the NYSE in October, at close of business on 312 December the price was $48 (€44).
The sale is intended to raise cash for Fiat Chrysler to ease its high debt level, estimated at 9.2 billion euros last summer - a combination of the costs of its Chrysler takeover and loss making activities in Europe.
As part of Fiat Chrysler, Ferrari reported a net revenue of €2.76bn in 2014 and a net profit of €265m.
Marchionne ended by making reference to the impending F1 season, joking with Maurizio Arrivabene that now that all requested investments have been made he expects Ferrari to return to return to its rightful place at the top of the sport.
The ceremony concluded with Marchionne presenting Prime Minister Renzi with an Amalgam 1:8 scale model of the race-winning SF15-T.
Check out our event gallery, here.