The move, designed to complete a flotation that was first announced more than a year ago, means that Fiat is no longer officially in direct control of the car manufacturer that it purchased back in 1969. The powerful Agnelli family that founded Fiat is still Ferrari’s largest shareholder, though, with 24% of stock. Piero Ferrari, the son of the sports car brand’s founder Enzo, holds 10%.
However, because longer-term Ferrari investors get extra influence in corporate issues, in effect the Agnellis and Piero Ferrari control just under 49% of voting rights. In December the two parties signed an agreement designed to prevent any hostile takeovers by agreeing to offer each other first refusal on any stock they want to sell.
Ferrari shares dropped by around 5% during initial trading on the Italian stock exchange in Milan. They have failed to stay at the price set during their Initial Public Offering (IPO) in New York, too, falling around four dollars since they were issued at $52 in October.