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With all the mergers – or would-be mergers – floating around out there, Fiat Chrysler is going in the opposite direction: spinning off its Ferrari division and dropping talks of a hostile takeover of rival General Motors.
Reuters reports that Fiat Chrysler’s investors approved the move to separate Ferrari from the mothership on Thursday, paving the way for the company to distribute its 80% share in the company to its shareholders next month.
By spinning off the luxury brand, Fiat Chrysler plans to allow the division to undergo an aggressive growth strategy.
“This separation will better enable the company to realize its full potential …. Ferrari will be able to pursue its business strategies with grater operational and financial independence,” FCA Chief Executive and Ferrari Chairman Sergio Marchionne said during the meeting.
Under the growth plan, Ferrari would move the brand beyond cars that can top $1 million and begin selling everything from T-shirts to pens.
It has licensed the brand to companies ranging from children’s toy maker Lego to high-end Italian shoe manufacturer Tod’s, the Wall Street Journal reports.
In other FCA news, the company dropped its hostile takeover attempt of General Motors. Reuters reports that instead of pursuing the merger, the automaker will instead focus on its own growth until the right partner comes along.
“We are not choking. We are in relatively decent shape,” Marchionne said. “This is not an indiscriminate dating game. I’m not willing to go with anybody to get it done. We have been publicly rebuffed, we have been rejected and you cannot force these things. I don’t want to. At the moment, we have no intention to do anything hostile.”
Fiat Chrysler shareholders approve de-merger of Ferrari from group [Reuters]
Fiat Chrysler to focus on growth plan as GM merger hopes fade [Reuters]
Fiat Chrysler Approves Ferrari Spinoff [The Wall Street Journal]
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