Fiat S.p.A. acquired 50% of Ferrari in 1969 and expanded its stake to 90% in 1988.[6] In October 2014 Fiat Chrysler Automobiles N.V. (FCA) announced its intentions to separate Ferrari S.p.A. from FCA; as of the announcement FCA owned 90% of Ferrari.[7][8][9]The separation began in October 2015 with a restructuring that established Ferrari N.V. (a company incorporated in the Netherlands) as the new holding company of the Ferrari group and the subsequent sale by FCA of 10% of the shares in an IPO and concurrent listing of common shares on the New York Stock Exchange.[10] Through the remaining steps of the separation, FCA’s interest in Ferrari’s business was distributed to shareholders of FCA, with 10% continuing to be owned by Piero Ferrari.[11]The spin-off was completed on 3 January 2016.[10]
Throughout its history, the company has been noted for its continued participation in racing, especially in Formula One, where it is the oldest and most successful racing team, holding the most constructors championships (16) and having produced the highest number of drivers’ championship wins (15).[12] Ferrari road cars are generally seen as a symbol of speed, luxury and wealth.[13]
“We, the undersigned teams, were surprised and shocked by the FIA’s statement of 28 February regarding the conclusion of its investigation into the Scuderia Ferrari Formula One power unit,” the statement said.
“After months of investigations that were undertaken by the FIA only following queries raised by other teams, we strongly object to the FIA reaching a confidential settlement agreement with Ferrari to conclude this matter.”
Ferrari are yet to release any official comment on the FIA’s statement, or the seven teams’ protests. With the F1 paddock now heading to Australia for the first round in Melbourne on 15 March, further reaction is not expected until early next
ARTICLE BY GIRISH (20191MEC0098)
Luxury cars 