Fiat Chrysler Automobiles has started the process of separating Ferrari off as a separate company by forming a new holding company and issuing shares in that to FCA shareholders.

An FCA extraordinary general meeting in Amsterdam was passed for FCA to transfer all of its shares held in Ferrari NV to FE Interim BV, a newly-formed Dutch company. FE Interim in turn will issue shares to FCA's shareholders.

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"The Demerger is part of a series of transactions that will be carried out to separate FCA's ownership interest in Ferrari NV and distribute that ownership interest to holders of FCA shares and mandatory convertible securities. Those transactions are expected to be carried out in early January 2016," FCA said in a statement.

Ferrari announced a few days ago it had entered into a EUR2.5bn syndicated loan facility with a group of 10 bookrunner banks as it moves to become independent from FCA.

The facility comprises both a bridge loan and a term loan of EUR2bn in aggregate and a revolving credit facility of EUR500m. Proceeds of the bridge and term loans will be used to refinance indebtedness owing to Fiat Chrysler Automobiles and other indebtedness and for other general corporate purposes. Proceeds of the revolving facility are for general corporate and working capital purposes of the Ferrari group.

The bridge loan is for a year with six-month extension option. Ferrari intends to refinance the bridge loan before maturity with longer term debt, including through capital markets or other financing transactions.

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The term loan and the revolving facility are each for five years.