Fiat Chrysler Automobiles [NYSE:FCAU] in late 2014 announced plans for a Ferrari [NYSE:RACE] spinoff that led to the fabled Italian sports car brand being listed as a standalone company on the New York Stock Exchange last fall. The company is also listed on Milan’s Borsa Italiana.

Only around 10 percent of Ferrari were actually floated, with Enzo Ferrari’s son Piero maintaining his own 10 percent stake and the remaining 80 percent promised to existing FCA shareholders.

ALSO SEE: 2016 Detroit Auto Show Preview

FCA today confirmed that the 80 percent of Ferrari shares promised to its shareholders has been delivered, thus completing the spinoff. FCA shareholders received one common share of Ferrari for every 10 FCA common shares they held. In addition, holders of FCA mandatory convertible notes received 0.77369 common shares of Ferrari for each note of $100 in notional amount.

Despite the spinoff, control of Ferrari remains pretty much unchanged. That’s because the biggest shareholder in FCA, the Agnelli family-controlled Exor, received the most shares in Ferrari. Through a special loyalty program, the family together with Piero Ferrari also has just under 49 percent of Ferrari’s voting rights. The two also formed a pact that will prevent control of Ferrari being lost via a potential hostile takeover.

CHECK OUT: Hyundai Puts Former Lamborghini Exec In Charge Of Genesis Luxury Division

Ferrari had accounted for roughly 12 percent of FCA’s profit. With the company now out of the group, FCA’s shares opened almost a third lower than the most recent closing price in European trading today. Ferrari’s share price was also slightly lower.

Unlike its cars, Ferrari's shares have failed to excite the market since floating two months ago. On the New York Stock Exchange, the share price stayed close to the $52 IPO price for a few weeks but has since fallen to $48, valuing the company at approximately $9.1 billion.


Follow Motor Authority on Facebook and Twitter.