Exor He moves with the usual ease of elite finance and puts on the market a slice of his share in Ferrariaiming straight to institutional investors with a flash sale. There Agnelli dynasty holding gets rid of about 4% of the ordinary capital of the rampant horse, an operation that seems less a sale and more a strategic move to lighten the wallet without losing control.
Exor sells 4% of Ferrari: no impact on governance
Exor parades of some percentage point, but The socket on Ferrari remains firmly. The governance of the Maranello house remains an unassailable fort, with Piero Ferrari and the Trust Piero Ferrari still in the game. Before the sale, the Holding of the Agnelli managed 24.84% of the Red, A share now destined to drop to 20.8%while voting rights will reduce from 36.69% to 30%. A surgical operation that refers the percentages without upsetting the command.
Because Exor has sold the shares
Exor is preparing to put out the cards of his wallet with a move that Bring around 3 billion euros to the cashier. It is not just about making room for new financial adventures, but of giving a strategic steering to a holding company that over the years has found itself with an excessive concentration on Ferrari. A 1 billion slice will go straight on a new plan for the registen of actions, while the remaining 2 billion will be the fuel for new acquisitions, a clear signal that Exor wants to expand the range of action.
Ferrari does not stay to look and a part of the actions put on the market is recomposed. The company has already put aside up to 300 million euros to recover 10% of the securities sold by Exor, an operation that helps to maintain cold blood on the markets and to stabilize the value of the shares. Calculated moves, studied at the tableto keep the horse in the running without too many shocks.
Technical and timing details
Exor is played the card of theaccelerated bookbuilding To put about 7 million Ferrari shares on the plate. A quick and targeted blow, perfect for institutional investors hunting for weight securities. The stopwatch has already started, the completion of the operation is scheduled for the March 3and the big names of finance have little time to place their moves.
No burying in burst, though. Exor locks up with a 360 days lock-up on the remaining actionsensuring that his grip on Maranello remains solid. A calibrated strategy to monetize without losing the horse steering wheel.
Continuity in the Exor strategy
Exor reduces the fee, but not taking it on Maranello. The Holding of the Agnelli continues to play at home with the full control of the Cavallino, backed by Piero Ferrari and the Ferrari Trust, who together maneuver about 10% of the capital and 15% of the voting rights. The match of strategic decisions remains in the hands of Historical memberswhich, with a control close to 50%, ensure that no one can dictate law without their approval.
John Elkann, Exor CEO of Exor, explained that in the last ten years Ferrari has had a decisive impact on the growth of the value of the holding portfolio, tripling its weight. He stressed that participation in the Cavallino went from 15% to 50% of the Net Asset Value of Exor, making a move necessary to reduce the concentration of investments and open space to new growth strategies.
