The Italian family Lambs reduced its controlling participation in Ferrari In about 4%, raising about 3 billion euros to finance potential new mergers and acquisition operations (M&A), the Holding Exor said on Thursday (27).
The sale will help Exor reduce the concentration in its investment portfolio and ensure resources for “a new considerable acquisition when such an opportunity is presented,” the company said.
The company also intends to use the funds to finance a 1 billion euros repurchase program.
Most funds, however, will be applied in a single acquisition to increase the portfolio of Exorsaid a source close to the company.
EXOR has sold Ferrari’s actions for 450 euros each, in a bookbuilding process conducted by banks Jpmorgan e Goldman Sachs -Said one of the Bookrunners this Thursday.
Exor did not disclose the price.
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The Italian company represents about 50% of EXOR’s net equity value.
After the sale of shares, which will be settled on March 3, EXOR will still be the main shareholder of Ferrari, with a slice of 20% of the company and 30% of voting rights.
“Our commitment to remain as the long-term shareholder (from Ferrari) is stronger than ever,” Exor’s executive president said John Elkann in a statement.
Elkann, a member of the Agnelli family, is also president of Ferrari’s board of directors.
The business does not change an agreement between Exor and Piero Ferrari, the son of Founder Enzo and Ferrari’s second largest investor, who must maintain combined voting rights close to 50%.
