Fiat Chrysler Automobiles recently announced its decision to spin off its most prized possession – luxury sports car manufacturer Ferrari. And the biggest winners are the owners of the Exor group – the largest shareholder in both companies.
FCA’s chairman John Elkann represents the Agnelli family Italian industrial clan and they would grasp a holding that makes them among the richest in the auto industry. Ferrari’s spin-off structure is rather simple – 10% belongs to the heir of the Enzo Ferrari estate, 10% would be listed on the NYSE (New York Stock Exchange) and the rest, 80%, divided among existing FCA shareholders. That means Exor would control around 25% of Ferrari – and with the sports brand valued at around 9 billion euros ($11.5 billion), they would have around 2.25 billion euros, according to Milan-based analysts at Mediobanca SpA.
The Agnelli family has controlled the destiny of the Fiat Group for 115 years, and the expanding empire has reached across the Atlantic to fully own the third-largest automaker in America – Chrysler. The deal to bring in the US carmaker in 2009 and actually all the moves Fiat SpA made since 2004 have been orchestrated by the mastermind puppeteer Chief Executive Officer Sergio Marchionne. And actually, the CEO has been brought into the spotlight by Elkann, the 38-year-old grandson of Gianni Agnelli, as one of his first decisions as head of the founding family.
Elkann has led Exor SpA – the holding that voices the Agnelli family involvement – since 2004. The group holds a little more than 30% of FCA’s stock, and is comprised of about 100 Agnelli family members that jointly hold 51% of the Exor stock.