John Elkann is Ferrari’s executive president, and is an Italian-American businessman who is part of the Agnelli conglomerate.
Ferrari’s actions collapsed in the stock market after Exorthe Agnelli family portfolio society, would decide to sell the equivalent to 4% capital through an accelerated placement by An amount of 3,000 million euros.
By announcing the sale on Wednesday night, Exor explained that the operation would reduce concentration in its investment portfolio and would provide him resources for “a new significant acquisition when the opportunity occurs“. It is estimated that the approximate price was 450 euros per share.
After the sale of shares, whose liquidation is scheduled for March 3, Exor will continue to be Ferrari’s main investor with a 20% and 30% participation of voting rights. The luxury car manufacturer represents approximately 50% of the net asset value (NAV) of Exor, which assumed a 360 -day blocking commitment on Ferrari’s remaining ordinary shares.
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“Our commitment to continue being the greatest long -term Ferrari shareholder is stronger than ever”he declared John ElkannExor CEO, in a statement. Elkann, a member of the Agnelli family, is also President of Ferrari.
The operation It will not modify the shareholders agreement between Exor and Piero Ferrarison of founder Enzo Ferrari and second largest investor of the company. Exor and Piero Ferrari will maintain combined voting rights close to 50%.
As Exor explained, 1,000 million euros will go to a repurchase program of your actions, while The remaining 2,000 million will be used to diversify its portfolio. Most of the income generated by the sale of participation will be used for a single acquisition to expand the exor portfolio, as revealed by a source close to the company to ‘Reuters’.
Exor is the largest shareholder shareholder Stellantis and of the Dutch group Philips. Also controls manufacturers Iveco and CNHas well as to Juventus of TurinSoccer Club that currently plays in the Italian Series and has played the last edition of the Champions League. In addition, it has investments in the health sectors, luxury goods, technology and media.
Ferrari announced on February 4 its 2024 accounts, an exercise in which its benefit increased by 21%, to 1,526 million euros. The company also expects net income to increase approximately 5%, up to more than 7,000 million euros in 2025, after having met its objectives in 2024. Ferrari will celebrate its ‘Markets Day Capital’ on October 9.
Source: Ambito
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