The Agnelli family is selling a participation valued at about € 3 billion (R $ 16.5 billion) in Ferrari, after the value of the supercar manufacturer has increased more than 10 times since its initial public offering (IPO) in the United States.
EXOR, an Agnelli clan’s investment vehicle, aims to dispose of seven million common shares of the luxury automaker, according to a statement issued on Wednesday. The billionaire family will continue to be Ferrari’s largest shareholder, maintaining approximately 30% of voting rights.
The sale is about 4% of the capital in circulation and will be made through an accelerated offer of bookbuilding for institutional investors, according to the same statement. Goldman Sachs and JPMorgan Chase are organizing the sale, which should be completed on March 3.
Ferrari’s shares fell up to 5.4%to $ 477.47 in New York after the announcement, marking the largest drop since November 2024.
The funds will be used for a new “significant” acquisition and € 1 billion will be destined for a stock repurchase program, exor did.
“The transaction will allow us to reduce our concentration and improve diversification,” said John Elkann, CEO of Exor, in the statement. “Our support for Ferrari and our confidence in their solid future remain unshakable.”
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In a separate statement, Ferrari said it will buy up to 10% of the shares sold by Exor, with a maximum limit of € 300 million.
Ferrari is one of the most iconic luxury marks in the world. CEO Benedetto Vigna is committed to maintaining Ferrari’s exclusive product line, betting on customization services to increase profits.
Previously belonging to Fiat, the automaker founded by the Agnelli family and now part of Stellantis, Ferrari was dismembered about 10 years ago. Its market capitalization on the New York Stock Exchange has grown to reach $ 125 billion.
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