Fiat-Chrysler shareholders approve Ferrari spin-off

Rome (dpa) - Shareholders in Fiat-Chrysler Automobiles (FCA) approved Thursday a plan to separate sports car manufacturer Ferrari from the rest of the Italo-American group, a company statement said.The demerger plan foresees the redistribution of an 80-per-cent stock of Ferrari shares currently held by FCA among the automaker‘s shareholders.The procedure should be completed "in early January 2016," FCA said.Speaking in Amsterdam, where investors discussed the plan, FCA Chief Executive Sergio Marchionne was quoted as saying that he also expected Ferrari shares to be listed on the Milan stock exchange as of January 4, according to Dutch news agency ANSA.The spin-off of Ferrari from the rest of FCA has generated about 4 billion dollars of earnings for the Italo-American group, giving it badly-needed financial ammunition to invest in relaunch plans for Alfa Romeo and its other brands.In October, FCA made nearly 1 billion dollars by selling 10 per cent of Ferrari shares on the New York Stock Exchange. It also pocketed a 3-billion-dollar payout from Ferrari as compensation for its exit from the group.Following the spin-off, EXOR, holding of the Agnelli family which founded Fiat, will become Ferrari‘s leading shareholder, with about 24 per cent.Ten per cent of shares in the Italian luxury carmaker continue to belong to Piero Ferrari, son of the group‘s founder, Enzo Ferrari.