Exor, the holding company of Italy's
Agnelli family, said on Thursday that it has raised about 3
billion euros after selling an approximately 4% stake in Ferrari
to international investors.
The company announced the "successful pricing of the previously
announced accelerated bookbuild offering involving the sale of
approximately 7 million common shares of Ferrari" in a
statement.
"Following completion of the transaction, Exor will remain
Ferrari's single largest shareholder with approximately 20% of
the economic rights and 30% of the voting rights in Ferrari's
share capital and remains fully committed as a long-term
shareholder of Ferrari.
"Moreover, in the context of the transaction, Exor has entered
into a 360-day lock-up commitment, with respect to its remaining
common shares of Ferrari.
"The Offering is expected to settle on 3 March 2025", said the
statement.
"Goldman Sachs Bank Europe and J.P. Morgan are acting as joint
global coordinators and joint bookrunners (the "Joint Global
Coordinators") and BNP Paribas, IMI - Intesa Sanpaolo, Société
Générale CIB and UniCredit are acting as joint bookrunners (the
"Joint Bookrunners") for the Offering", concluded the note.
Ferrari shares dropped by 7% in early trading on Thursday to 449
euros.
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