Ferrari to be spun out of Fiat, and the race for control is on

Would you trade a Ferrari for a bunch of Fiats, Chryslers, Alfa Romeos and Maseratis? Becuase that's essentially what the automaker itself will do next year.

Today, Fiat Chrysler Automobiles — the merged union of the Italian and American auto companies — announced it would give 80 percent of Ferrari's shares to its investors, and sell an additional 10 percent by this time in 2015. The result will be a publicly traded Ferrari, a first in the automaker's 67-year history, and the potential for it to be bought by another corporation.

The move comes after months of turmoil at the luxury brand that culminated in the early retirement of long-time chairman Luca di Montezemolo, a departure that Fiat Chrysler said cost the company $19.1 million last quarter.

"We are doing the right thing by giving Ferrari a proper, unique place in the capital markets, to be valued and evaluated as a luxury automaker," Marchionne said, adding "the cars are almost incidental to Ferrari. It is truly a luxury brand. There is nothing else like it.

As for whether Ferrari could be bought after the spin, Marchionne answered: "Let the market make that call."