The Agnelli Family Sells 4% Of Their Ferrari Stock

The Agnelli family’s Italian holding company, Exor, plans to sell a 4 percent stake in luxury sports car group Ferrari to continue new acquisitions and launch a share buyback.

Exor’s net worth peaked at around €42 billion last year, with Ferrari contributing around half of that amount.

The holding company said it plans to raise around 3 billion euros in an accelerated process of building book value and will use the proceeds for a “significant new acquisition” and a share buyback of 1 billion euros.

Exor’s portfolio has been refocused over the past two decades through divestments and debt reduction. It is now aiming to diversify its investments, the statement said.

Ferrari’s share price hit a record high of 483 euros this week. Earlier this month, the group announced that its revenues rose almost 12 percent year-on-year, with total sales of more than 13,700 units.

• Read More: Ferrari Employees Receive Bonuses Worth A Brand-New Vehicle