Ferrari's share price fell by 8.6% in Milan and by 5% in the United States after the largest shareholder, the Agnelli family, decided to sell a stake in the car company for 3 billion euros. This is reported by Bloomberg .
After the sale, the Agnelli family will reduce its stake in Ferrari by 4% to 20%.
„This deal will allow us to reduce concentration and improve diversification. “Our support for Ferrari and our belief in its secure future are unwavering,” said a statement from investment firm Exor, which represents the interests of the Agnelli family.
The proceeds from the sale of the shares will be used to acquire a new company, although Exor did not specify which company would be acquired.
In addition to Ferrari, Exor is the largest shareholder in carmaker Stellantis and in the Dutch group Philips, controls manufacturers Iveco and CNH, as well as Italian Serie A football club Juventus. The company also invests in healthcare, luxury goods, technology and media.
Even after the deal, Exor, together with another major shareholder, Piero Ferrari, will retain control of about 50% of the votes on Ferrari's board of directors.
It should be recalled that Ferrari was separated from Fiat almost 10 years ago. Its market capitalization on the New York Stock Exchange has increased about 10-fold since its IPO in 2015, to $125 billion as of early February of this year.