Marchionne raises Fiat Chrysler stake as Ferrari spin-off nears

Fiat Chrysler Automobiles (FCA) (FCAU.N) Chief Executive Sergio Marchionne has increased his voting stake in the carmaker to nearly 1 percent after benefiting from a stock grant plan, just as the company readies to spin off luxury brand Ferrari. The stake makes him one of the largest individual shareholders in FCA (FCHA.MI), the world's seventh-biggest carmaker, whose share price has soared 75 percent since the Ferrari spin-off was announced in October. A higher stake will also increase Marchionne's sway at Ferrari, of which he is the chairman. As part of the spin-off, only 10 percent of Ferrari will be offered to the market, with the remainder of FCA's stake in the iconic brand distributed to current FCA shareholders.

via Business News http://ift.tt/1BAx0Vd