Two Major Ferrari investors sign pact over 48.8 percent of voting rights

by SpeedLux

The leading two financiers in Ferrari (RACE.N) have now signed a shareholder pact offering them a total voting power of almost 50% to keep strong grip on the cars maker after it separates from Fiat Chrysler Automobiles (FCHA.MI).

Under the pact Exor (EXOR.MI), the Agnelli family investment company, and also Piero Ferrari will get in touch with each other over problems to be talked about at basic shareholders conference.

On top of that, when it comes to Ferrari shares moving to other investors, Exor will certainly have a pre-emption right to buy the shares while Piero Ferrari could exercise a right of initial deal, the Agnelli family investment company stated in a statement.

“Now that Ferrari is starting a new chapter in its story, our 2 families have actually authorized this contract in order to give all the stability required to guarantee Ferrari’s stamina and also its uniqueness for the future,” Exor’s Chairman and Chief Executive Officer John Elkann said.

After the separation from Fiat Chrysler, Exor will certainly own about 23.5 percent in the cars maker, equal to 33.4 percent of voting rights, while Piero Ferrari will have 10 percent of the capital, or 15.4 percent of the voting rights.

The contract will have a first period of five years.

FCA created a Dutch-registered holding company for Ferrari and provided its shares on Wall Street in October. Ferrari will debut on Milan bourse on Jan. 4 in an additional listing.

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