Ferrari to mull over loyalty scheme for existing shareholders once the sell off begins.

A loyalty scheme that would increase the voting power of Ferrari shareholders is one option parent Fiat Chrysler Automobiles will consider when it spins off the luxury marque next year, Chairman John Elkann said.

Fiat introduced such a scheme when it merged into Dutch-registered FCA this year, rewarding its own long-term investors and mainly benefiting controlling shareholder Exor, the holding company of the Agnelli family that founded Fiat.

"There are many options today and this is one of them," Elkann told journalists on the sidelines of an event in Milan on Friday.

FCA CEO Sergio Marchionne said last month that he would spin off Ferrari, sell a 10 percent stake via a public offering and distribute the rest of FCA's stake in the supercar brand to its shareholders.

As a consequence, the Agnelli family will emerge as the largest shareholder in Ferrari after the spinoff. A loyalty scheme could tighten the Agnellis' grip further and increase their influence on Ferrari's future strategy.

The spinoff announcement rekindled speculation that the Agnelli family may want to form a pool of luxury brands around Ferrari, including other opulent Italian names from outside the automotive sector, to rival groups such as France's Kering and LVMH.

Marchionne said last month that carmaking is "almost incidental" to Ferrari, which he sees more as a luxury stock.

But Elkann, a scion of the Agnelli family who also heads Exor, dismissed the idea of a luxury conglomerate, saying that Exor's plan is to give Ferrari the chance to develop its own growth strategy

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FIAT Investors advised to accept Chrysler takeover.

Proxy adviser Glass Lewis has recommended that Fiat investors vote in favor of a merger of the Italian carmaker and its U.S. unit Chrysler at a meeting on Aug. 1, saying its benefits outweighed concerns over a potential increase in voting power for its main shareholder Exor.

Fiat completed the buyout of Chrysler earlier this year and is hoping to incorporate the two car companies into Dutch-registered Fiat Chrysler Automobiles to boost the world's seventh-largest carmaker's appeal with international investors and pave the way for a U.S. listing planned for October.

Fiat-Chrylser CEO Sergio Marchionne said last week that he was confident that the merger would be approved.

International investors normally follow recommendations of big proxy advisors. Their advice could be important in deciding Fiat's chances of securing the two-thirds majority it needs for approval of the merger.

Another major proxy advisor ISS and smaller peer Frontis Governance have recommended a vote against the merger, saying it decreased shareholder rights and tightened the grip on the company of holding group Exor, a worry that Glass Lewis says is offset by bigger benefits to shareholders.

"The proposed reincorporation is, on balance, in the best interests of shareholders as the benefits of access to deeper and more robust capital markets and improved governance standards outweigh our concerns regarding the potential increase in Exor's voting power," Glass Lewis said in its recommendation document seen by Reuters.

Exor controls Fiat Chrysler via a 30 percent stake, but its voting power could rise to as much as 46 percent through a loyalty scheme put in place as part of the merger to reward long-term investors.

A failure to secure approval of the merger could complicate the group's plans to list in the United States and secure funds for its ambitious five-year business plan.

The merged FCA is expected to be headquartered in London and have its tax domicile in Britain, Fiat has said.

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