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Ferrari spinoff benefits from rule changes

by Bill Cawthon on


Reuters reports that Consob, the Italian equivalent of the Securities & Exchange Commission, has approved new rules on “loyalty share” programs that allow companies to give long-term investors more voting rights.

The move came as the Italian government tries to boost the country’s competitiveness and attractiveness to business and investors.

The newly approved programs allow a company to give up to two voting rights per share to investors that have kept their stake for at least two years. Fiat used a similar scheme when it merged into Fiat Chrysler Automobiles N.V. as did CNH Industrial. Both companies moved their legal headquarters to the Netherlands, where such programs are already legal.

A similar program is planned for Ferrari when the company is spun off from FCA next year. This was one of the reasons it was assumed Ferrari would follow Fiat and Fiat Industrial and move its address to the Netherlands. FCA has since said that no such move is planned and that Ferrari’s headquarters will remain in Maranello.

The new rules do require a company wishing to create such a program to obtain shareholder approval.

Bill Cawthon grew up in the auto industry in the 1950s. His Dad worked for Chrysler and Bill spent a number of Saturdays down on the plant floor at Dodge Main in Hamtramck. Bill is also the U.S. market correspondent for, a British auto industry publication, and a member of the Texas Auto Writers Association, which has named the Jeep Grand Cherokee the “SUV of Texas” several times and named the Ram 1500 as the “Truck of Texas” two years running.

Bill has owned five Plymouths (including the only 1962 “Texan”), one Dodge and one Chrysler and is still trying to figure out how to justify a Wrangler. He also has owned at least one of every 1:87 scale model of a Chrysler product. You can reach him directly at (206) 888-7324 or by using the form.

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