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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.

Fiat-Chrysler alliance in jeopardy due to Pentastar's IPO filing?

The four-year relationship between Fiat and Chrysler has thus far been beneficial for both automakers, but it has also proven to be a complicated battle between Sergio Marchionne and the United Auto Workers - the latter controlling the remaining 41.5 percent of Chrysler. With the recent filing for a US IPO, it looks like Marchionne and the UAW appear to be playing a billion-dollar game of chicken, with both sides far apart on how much the union's shares are worth. If it comes down to Chrysler's remaining stake being publicly traded, it could act to drive a wedge between the two companies.
According to Bloomberg, Fiat's chairman John Elkann says "if the IPO will take place, there will be two companies, and that's different than having a single one." Now, we're not great at math, but this sounds like the complete opposite of the full merger that Marchionne has been pushing for since taking the helm at Chrysler. Bloomberg notes that the UAW's shares should be worth around $5.6 billion, but Fiat could end up paying as little as $4.9 billion for Fiat to gain full control of Chrysler. A story by The Detroit News points out that Marchionne's "alleged low-balling" is just the latest hurdle the Auburn Hills-based automaker must overcome as its ownership is being fought over for the fourth time in 15 years.

Fiat diesels might also cheat emissions tests

Et tu, Fiat? Fiat is the latest automaker to come under suspicion for excessive emissions from its diesel vehicles. So far the trouble is only in Germany, as opposed to VW's trouble in multiple countries. And instead of using VW's method of installing software that identifies when the car is undergoing an emissions test and only then turning on emissions control devices, Fiat is running out the clock. Because the German emissions test lasts around 20 minutes, Fiat is accused of having its NOx emissions control systems operate only for the first 22 minutes when the car starts up. This potential new bombshell was first reported by Bild am Sonntag, a German newspaper. Bild says that the Italian automaker is under investigation by German authorities after a test of a 500X revealed this time-based method. Bild also says that Bosch tipped off the German authorities about Fiat's strategy. German transport minister Alexander Dobrindt released a report of new tests of 53 diesel cars and highlighted Fiat's numbers, saying, "We will need to carry out further tests on Fiat models." In February, the environmental lobby group DUH found that a 500X that had been running for a while emitted more NOx than one with a cold engine. Fiat said at the time that it had conducted an internal review and found that its diesel engines comply with the law. Of course, thanks to VW's diesel scandal implosion last fall, questions have been emerging from regulators around the world about diesel emissions from passenger vehicles. Mitsubishi was recently suspected of diesel emission irregularities in Japan. A recent lawsuit in the US accuses Mercedes-Benz of using a cheat device. Greenpeace has raised questions about the testing method that German authorities are using to test diesel vehicles. And on and on and on. Related Video: News Source: ReutersImage Credit: Sajjad Hussain/AFP/Getty Images Government/Legal Green Fiat Diesel Vehicles vw diesel scandal diesel emissions fiat 500x 500x