E-Paper
Agnelli family sells €3 billion Ferrari stake, still largest shareholder
The stake sale comes as the family looks at a “sizable” new acquisition for diversification of their investments along with a €1 billion share buyback.
The Agnelli family of Italy, one the original founders of Fiat and a prime stakeholder in Ferrari, has now sold a portion of their stake worth around €3 billion ($3.14 billion).
Despite this, billionaire family still remains Ferrari’s largest shareholder, retaining about 30 per cent of its voting rights, according to a Bloomberg report.
Also Read: YouTube star MrBeast looks to raise funds for his business, valuing it at $5 billion: Report
The stake sale comes as the family looks at a “sizable” new acquisition for diversification of their investments along with a €1 billion share buyback.
Ferrari NV meanwhile has announced that it intends to buy as much as 10 per cent of the shares sold by the family, up to a maximum of €300 million.
The stake sale by the family comes after the supercar maker’s value rose over 10 times since its Initial Public Offering (IPO) in the US.
The family holds stake in Ferrari through Exor NV, their investment vehicle. They have now sold seven million common shares of the automaker.
This equates to about 4 per cent of its outstanding capital and was executed via an accelerated bookbuilding offering to institutional investors.
Goldman Sachs Group Inc. and JPMorgan Chase & Co. are arranging the sale with the offering expected to settle on March 3, according to the report.
Also Read: EU may not offer concessions to India for CBAM and Deforestation Regulation: Report
Formerly owned by Fiat and now a part of Stellantis NV, Ferrari was spun off almost a decade ago with its market capitalization on the New York Stock Exchange having grown to more than $120 billion, according to the report.
