Ferrari to split with parent company, Fiat Chrysler

LONDON (CNNMoney)

Fiat Chrysler (FCAU) announced the news Wednesday, saying Ferrari will be listed in the U.S. and possibly on a European exchange.

About 10% of Ferrari's shares will be up for grabs when it's listed on the exchanges. The other 90% of shares will be distributed to current Fiat shareholders.

"The separation of Ferrari will preserve the cherished Italian heritage and unique position of the Ferrari business and allow [Fiat] shareholders to continue to benefit from the substantial value inherent in this business" said John Elkann, chairman of Fiat Chrysler.

The high-end automotive maker Ferrari recently had a management shake-up.

It's known for capping auto production to around 7,000 per year to ensure demand consistently outstrips supply.

First Published: October 29, 2014: 9:40 AM ET

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