The Agnelli family has sold a stake in Ferrari $RACE (+0.18%) worth around three billion. Exor, the investment company of the Agnelli clan, announced on Thursday that it was selling around seven million ordinary shares in the sports car manufacturer.
However, the billionaire family remains Ferrari's largest shareholder, holding around 30 percent of the voting rights. Ferrari's value has increased tenfold since its IPO in the USA.
With the sale, the family is also reducing its dependence on the automotive industry: "The transaction will allow us to reduce our concentration and improve diversification," said company heir John Elkann, who heads the family holding company.
Ferrari went public in New York a few years ago and, according to figures from financial services provider LSEG, is now worth over 90 billion euros - more than three times the value of Porsche $P911 (+1.02%) .
Source (excerpt) & picture: Handelsblatt, 27.02.25