The top two shareholders in Ferrari have signed a pact to treasure their shares on the exotic car maker, giving them almost a 50 per cent of total voting power, after the separation from Fiat Chrysler Automobiles.
The Agnelli family’s investment company Exor and Piero Ferrari, son of founder Enzo Ferrari are the two concerning investors who have agreed to join forces in order to keep Ferrari safe from takeovers.
The shareholders’ agreement will have an initial duration of five years, starting from the effective date of the separation from the FCA. Exor will have a pre-empty right to buy the shares while Piero Ferrari can exercise the right of first offer, according to the statement, issued by Exor.
“First Fiat, and then FCA, together with Piero, have supported the development of Ferrari, always seeking to respect Enzo’s extraordinary legacy, to see it become what it is today: a phenomenon without equal worldwide,” said John Elkann, Chairman and CEO of Exor in the statement. “Now that Ferrari is beginning a new chapter in its story, our two families have signed this agreement in order to provide all the stability necessary to guarantee Ferrari’s strength and its uniqueness for the future.”
After Ferrari going solo, Exor will own the 23.5 per cent of the company, which gives them a 33.4 per cent of voting rights, while Piero Ferrari owns 10 per cent of the car maker, giving him 15.4 per cent of voting rights. This agreement means that the two investors will hold a combined 48.8 of voting rights.
Ferrari is one of the most valuable brands in the world, not just in the automotive industry, so it makes a great deal of sense for their shareholders to want to keep a firm grip on the company to ensure the stability and the future of the iconic supercar maker.
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