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\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 According to a statement released on February 26, the Italian Agnelli family is selling about 3 billion euros ($3.15 billion) of shares in Ferrari Auto through its controlling investment company Exor NV.<\/p>\n

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\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0However, even after selling 7 million common shares of the luxury automaker, the Italian century-old family will remain Ferrari’s largest shareholder, retaining about 30% of the voting rights.<\/p>\n

\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Exor NV’s statement said the shares sold are equivalent to about 4% of Ferrari’s issued share capital and will be completed through an accelerated bookkeeping issuance for institutional investors. Goldman Sachs and JPMorgan Chase are scheduled for the sale, which is expected to be completed on March 3.<\/p>\n

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\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Exor Group said the proceeds from the sale of Ferrari shares will be used for a “massive” new acquisition plan, with 1 billion euros going to be used for stock buybacks. “This deal will allow us to reduce our holdings concentration and improve investment diversification,” Exor Group CEO John Elkann said in a statement. “But we are firm in our support for Ferrari and our confidence in its solid prospects.”<\/p>\n

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\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Meanwhile, Ferrari said in another statement that it will buy back up to 10% of the shares sold by Exor Group for no more than 300 million euros.<\/p>\n

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\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0After the news was announced, Ferrari’s stock price fell 5.4% on the New York Stock Exchange to $477.47, its biggest drop since November 2024.<\/p>\n

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\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Ferrari is one of the most iconic luxury car brands in the world. The company’s CEO Benedetto Vigna is committed to maintaining the uniqueness of the Ferrari product line and relying on custom services to increase profits. As personalized configurations such as custom spray paint have become popular in markets such as the United States and China, the sales of the luxury car brand have increased. In early February, Ferrari said its revenue in 2024 increased by nearly 12% year-on-year to 6.677 billion euros, with a total sales of more than 13,700 units. Ferrari’s share price hit an all-time high of 483 euros this week, and its market capitalization on the New York Stock Exchange has also grown to $125 billion.<\/p>\n

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\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Ferrari once owned by the Fiat Group founded by the Agnelli family, and Fiat is now part of Stellantis Automobile Company. About 10 years ago, Ferrari was spun off from Fiat and listed on the New York Stock Exchange.<\/p>\n<\/article>","protected":false},"excerpt":{"rendered":"

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 According to a statement released on February 26, the Italian Agnelli family is selling about 3 billion euros ($3.15 billion) of shares in Ferrari Auto through its controlling investment company Exor NV. \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0However, even after selling 7 million common shares of […]<\/p>\n","protected":false},"author":1,"featured_media":4447,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4446","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-newslist-136510-1"],"acf":[],"yoast_head":"\n