The 60s and 70s were tough for car manufacturers.
Clean air requirements and ‘safety’ became trendy. Monocoque construction was in its financially challenging infancy, and fuel prices went through the roof.
That era was associated with poor quality, weak performance, and unexciting designs.
Ferrari struggled, and Enzo approached Ford in 1963 to buy out the firm.
Enzo initiated discussions with Ford about selling his beloved Ferrari empire for $18 million.
However, losing control of his cherished creation, especially the racing division, proved too much.
Enzo famously quashed the deal, stating, ‘I will never sell Ferrari to your ugly company.’
1969 Enzo struck a deal with Fiat S.p.A., selling 50% of Ferrari. Crucially, Enzo retained complete control over the company, allowing him to continue steering the Prancing Horse’s destiny while benefiting from Fiat’s resources.
In 1988, near the end of his life, Enzo Ferrari decided to sell an additional 40% of the company to Fiat, bringing Fiat’s stake up to 90%.
Enzo retained 10%, a legacy stake that passed on to his son, Piero Ferrari, after Enzo’s death later that year.
In 2015, Ferrari underwent a modern restructuring under Fiat Chrysler Automobiles (FCA), which emerged from the merger of Fiat and Chrysler. FCA restructured Ferrari, forming Ferrari N.V. as the new holding company.
In a significant move, FCA sold 10% of Ferrari shares through an IPO on the New York Stock Exchange while distributing the remaining 80% of shares to FCA shareholders.
By January 3rd, 2016, Ferrari became an independent, publicly traded company. This marked the end of Fiat’s dominant ownership.
However, the descendants of Fiat’s founders, the Agnelli family retained a substantial interest through their holding company, Exor N.V., which became Ferrari’s largest shareholder.
Today, Exor N.V. holds around 24% of Ferrari’s shares, making it the largest shareholder. Piero Ferrari, Enzo’s son, remains loyal to his father’s legacy, holding on to his 10% stake, making him the second-largest shareholder.
The remaining shares are publicly traded, yet the Ferrari mystique remains as potent as ever.
This thrilling saga of ownership showcases Ferrari’s enduring spirit, from Enzo’s defiant refusal to sell to Ford to its evolution into a publicly traded company while still maintaining its ties to its Italian roots.
‘Enzo Ferrari didn’t just reject Ford’s offer—he made sure they left Italy with their tailpipes between their legs’
