MILAN (AP) — Fiat Chrysler shareholders have overwhelmingly approved the spinoff of supercar maker Ferrari into an independent company.
Fiat Chrysler CEO Sergio Marchionne, who is also Ferrari's chairman, confirmed Thursday that Fiat Chrysler's remaining 80 percent stake in Ferrari will be distributed to its shareholders. The Italian-American carmaker sold a 10 percent stake in Ferrari last month on Wall Street, raising $893 million. It will distribute the rest of its shares for Milan trading on Jan. 4.
Ferrari will be controlled by Exor SpA, the Agnelli family holding company, and Piero Ferrari, founder Enzo Ferrari's son, who retains a 10 percent stake.
The spinoff will help Fiat Chrysler reduce debt and fund growth, while Marchionne plans to transform Ferrari into a luxury goods company.
Shareholders voted in Amsterdam, Fiat Chrysler's legal home.