Top Two Ferrari Investors Sign Pact Over Voting Rights
24 Décembre 2015 - Automotive News
The top two investors in Ferrari have signed a shareholder pact giving them a total voting power of nearly 50 percent to keep firm grip on the sports car maker after it separates from Fiat Chrysler Automobiles.
Under the pact Exor, the Agnelli family investment company, and Piero Ferrari, son of the sports car maker founder, will consult each other over issues to be discussed at general shareholders meeting.
In addition, in the case of Ferrari shares transferring to other investors, Exor will have a pre-emption right to buy the shares while Piero Ferrari could exercise a right of first offer, the Agnelli family investment company said in a 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," Exor's Chairman and CEO John Elkann said.
After the separation from Fiat Chrysler, Exor will own approximately 23.5 percent in the sports car 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 agreement will have an initial duration of five years.
FCA created a Dutch-registered holding company for Ferrari and listed its shares on Wall Street in October. Ferrari will debut on Milan bourse on Jan. 4 in a secondary listing.