An overwhelming 98% of FCA shareholders approved the spinoff of Ferrari from Fiat Chrysler. This cut FCA’s net debt from around $11 billion to around $9 billion.

Ferrari-Cash

Owning the majority of Ferrari is a tricky situation for FCA; while the company brings in a great deal of cash, the supercar business is fickle, and Ferrari reportedly makes most of its money from licensing its name and from racing. The company is riding high now, and FCA will realize a heavy profit from its investment.

FCA sold 10% of Ferrari in October to raise $1 billion, and will distribute the rest to its investors; Ferrari will inherit a good deal of debt. The Agnelli family’s holding company, which controls Fiat Chrysler, will share control of the independent company with Piero Ferrari in its early years, thanks partly to a loyalty voting scheme.

This is expected to be the last sale of a major brand by FCA, at least until the Alfa Romeo experiment plays out.