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Ferrari and FCA are officially separated

It's been a long time in the making, but it's officially happened: Ferrari is no longer part of Fiat Chrysler Automobiles. Following the Italian automaker's initial public offering, it has officially split off from its former parent company. As part of the spin-off, FCA's stakeholders will each receive one common share in Ferrari for every ten they hold in Fiat Chrysler. Special voting shares will be distributed in the same proportions to certain shareholders as well. Those shares being distributed will account for 80 percent of the company's ownership. Another ten percent was floated as part of the company's IPO, while the remaining 10 percent is held by Enzo's son Piero Ferrari (pictured above at center), who serves as vice chairman of the company. The shares will continue to be traded under the ticker symbol RACE on the New York Stock Exchange, and will begin trading this week as well under the same symbol on the Mercato Telematico Azionario, part of the Borsa Italiana in Milan. Since the extended Agnelli family headed by chairman John Elkann (above, right) holds the largest stake in FCA, expect it to continue controlling the largest portion of Ferrari shares as well. Between them, nearly half of the shares in the supercar manufacturer – and we suspect a little more than half of the voting rights – will be controlled by the Agnelli and Ferrari families, who are expected to cooperate to ensure the remaining shareholders don't attempt a takeover of the company. Similar to its former parent company, which operates out of Turin and Detroit, the Ferrari NV holding company is nominally incorporated in the Netherlands, but the automaker will continue to base its operations in Maranello, Italy. That's where it's always been headquartered, on the outskirts of Modena. For the time being, Sergio Marchionne (above, left) remains both chairman of Ferrari and chief executive of FCA – a position to which he is not unaccustomed, having previously headed both Fiat and Chrysler before the two officially merged. Related Video: Separation of Ferrari from FCA Completed LONDON, January 3, 2016 /PRNewswire/ -- Fiat Chrysler Automobiles N.V. ("FCA") (NYSE: FCAU / MTA: FCA) and Ferrari N.V. ("Ferrari") (NYSE/MTA: RACE) announced today that the separation of the Ferrari business from the FCA group was completed on January 3, 2016. FCA shareholders are entitled to receive one common share of Ferrari for every 10 FCA common shares held.

Autoblog Minute: New Civic, FCA UAW Agreement, Frankfurt

FCA reaches a tentative agreement with the UAW, Honda reveals the all-new 2016 Civic, and the Frankfurt Motor Show dazzles us again. Autoblog senior editor Greg Migliore reports on the Weekly Recap edition of Autoblog Minute. Show full video transcript text [00:00:00] FCA reaches a tentative agreement with the UAW, Honda reveals the all-new 2016 Civic, and the Frankfurt Motor Show dazzles us again. I'm senior editor Greg Migliore and this is your Autoblog Minute Weekly Recap. FCA reached a tentative labor agreement with UAW leadership. The major focus of the new deal reportedly includes: the eventual elimination of the two-tier pay scale [00:00:30] and pooling worker health care. Now that a leadership agreement is in place, the deal will be sent to FCA's rank-and-file. FCA has about 36,000 hourly employees. We got a first look at the interior and exterior of the 10th-generation Civic. Honda expects the new sedan to dominate the C-segment when it hits dealerships later this fall. Civic coupe, five-door hatchback, Si and Type R will all come later. The 2015 Frankfurt Motor Show is in the books and there was a lot of news to get excited about. [00:01:00] Porsche introduced a fully electric concept car in the Mission E. If they make this car, Porsche could give Tesla nightmares. We also saw SUVs from Jaguar and Bentley. There were two beautiful Italian convertibles from Ferrari and Lamborghini. Meanwhile, Mercedes introduced a concept of their own in the IAA - a vehicle that experiments with adaptable aerodynamics. Those are the highlights from the week that was. Be sure to check out my full recap this Saturday. Plus we'll have some added insight on General Motors' deal to [00:01:30] avoid federal prosecution. For Autoblog, I'm Greg Migliore. Autoblog Minute is a short-form video news series reporting on all things automotive. Each segment offers a quick and clear picture of what's happening in the automotive industry from the perspective of Autoblog's expert editorial staff, auto executives, and industry professionals. UAW/Unions Frankfurt Motor Show Bentley Chrysler Ferrari Honda Jaguar Lamborghini Mercedes-Benz Porsche Rolls-Royce Tesla Convertible SUV Concept Cars Electric Supercars Autoblog Minute Videos Original Video porsche mission e concept

2015 Italian Grand Prix is smoke, mirrors, stalls, and stewards

For the first day-and-a-half of the Italian Formula One Grand Prix weekend, everything went to blueprint: Mercedes in front, Ferrari lurking, everyone else scrambling in their usual orders behind. Then qualifying came, and someone stirred the pot. About the only thing we expected was for Lewis Hamilton to put his Mercedes-AMG Petronas on pole position, the 11th time he's done it this year. He did it with a brand-new specification engine, one that represents not only an evolution in components, but also in power unit philosophy. Kimi Raikkonen lines up in second. It's been a long time since we read those words; the Iceman hasn't been on the first row since the 2013 Chinese Grand Prix, when he put his Lotus second on the grid behind... Lewis Hamilton. Raikkonen lined up just ahead of a Ferrari at that China race, then driven by Fernando Alonso. In Italy this weekend, he lined up in front of the Ferrari driven by his teammate, Sebastian Vettel, who qualified third. Both Ferraris benefitted from an upgraded power unit, ending a front-row drought for the scuderia that goes all the way back to Monaco in 2009 Germany in 2012. Nico Rosberg has a lot of work to do from fourth in the second Mercedes-AMG Petronas. Mercedes discovered a problem with Rosberg's engine but couldn't figure out the cause, so he reverted to the previous-spec engine he used in Belgium, one that's six races old. The lack of power hurt. Williams teammates Felipe Massa and Valtteri Bottas took fifth and sixth, with Massa seemingly given a team-ordered helping hand. Williams told Bottas to tow Massa down the front straight, giving Massa a blistering time in the first sector. Then Bottas did it again, ensuring he would line up behind Massa. The first Sahara Force India of Sergio Perez nabbed seventh, three places ahead of teammate Nico Hulkenberg in tenth, with Romain Grosjean in the Lotus behind Perez in eighth. Marcus Ericsson in the Sauber qualified ninth, but some clumsy driving saw him impede Hulkenberg twice. The stewards penalized Ericsson with a three-place grid penalty and two points on his superlicense, so Hulkenberg inherited ninth and Pastor Maldonado in the second Lotus inherited tenth. We hardly saw Hamilton during the race, because he led from the start, worked up a larger gap to second place on every lap, and didn't give up the lead for the whole event.