Fiat no longer in control of Ferrari: Shares float on Italian stock exchange
Though the powerful Agnelli family who founded Fiat remains the largest shareholder
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Your support makes all the difference.Fiat Chrysler group has finally relinquished direct control of Ferrari, a company it bought back in 1969. The group sold off its 80% stake in the iconic Italian brand recently. This has allowed Ferrari shares to be traded on the Italian stock exchange, something that has been in the planning for over a year.
However, before any billionaire hatches a cunning plan to buy up shares and control Ferrari, it should be pointed out that the powerful Agnelli family who founded Fiat remains the largest shareholder, while Piero Ferrari, son of founder Enzo, holds 24% of the stock.
Together they hold just under half of all the shares. They’ve also signed an agreement which means that if they want to sell shares they have to offer the other first refusal.
Shares actually dropped 5 per cent on their first days of trading on the stock exchange in Milan, and are still below the price set for their Initial Public Offering (IPO).
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