Ferrari makes its debut on the stock exchangeSupercar manufacturer has started trading on the New York stock exchange as a standalone companyFerrari has officially started trading as a standalone company on the New York Stock Exchange, with around 10% of the company offered for sale.The Ferrari chairman Sergio Marchionne started the day’s trading on Wall Street by ringing the bell at the NYSE, and it has been confirmed that the company will use RACE as its ticker symbol for its listing on the exchange.Ferrari is offering 17,175,000 shares initially, at a starting price of $52 a share. The offering is set to close on 26 October and is described as being part of a series of transactions to separate Ferrari from Fiat Chrysler Automobiles. A statement confirmed that: “FCA expects to distribute its remaining ownership interest in Ferrari to FCA shareholders at the beginning of 2016.”Sergio Marchionne, boss of FCA and more recently Ferrari, said recently: "Following our acquisition of the minority interest in Chryslerearlier this year, the transformation of Fiat and Chrysler into FCA was completed earlier this month with our debut on the New York Stock Exchange."As we move forward to secure the 2014-2018 Business Plan and work toward maximising the value of our businesses to our shareholders, it is proper that we pursue separate paths for FCA and Ferrari."Ferrari boss Sergio Marchionne on why change is needed at MaranelloFCA currently owns 90% of Ferrari, while the other 10% is owned by Piero Ferrari – the only living son of Enzo Ferrari.
Insight - Luca di Montezemolo's final Ferrari press conference
Luca Cordero di Montezemolo, chairman of Ferrari since 1991, recently resigned from his position and was replaced by Marchionne. At the time, he said: "Ferrari will have an important role to play within the FCA Group in the upcoming flotation on Wall Street.
"This will open up a new and different phase which I feel should be spearheaded by the CEO of the Group."
There were rumours, however, that Montezemolo and Marchionnehad clashed over the future of Ferrari.
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