Ferrari: stock stalls after placement of Exor shares

(CercleFinance.com) - Ferrari shares are down over 8% in Milan on Thursday, following a share placement by Exor, the Agnelli family holding company.


Exor announced last night that it would be selling some seven million ordinary shares in the automotive group, representing around 4% of its capital, in an accelerated placement reserved for institutional investors.

The Amsterdam-based investment company, which also holds stakes in Stellantis, Philips and CNH, will see its shareholding fall from 24.9% to around 20%, enabling it to retain its status as the sports car maker's largest shareholder.

Its voting rights will also be reduced from 36.7% to 30%.

This morning, Ferrari states that it has repurchased E300m worth of its as part of its ongoing share buyback program.


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