Exor, the holding company of the
Agnelli group, will sell approximately 7 million ordinary shares
held in Ferrari, equal to approximately 4% of the
Maranello-based company's ordinary shares, through an offer
aimed at institutional investors, it said Wednesday.
This transaction will reduce the concentration of Exor's
portfolio and allow "a significant new acquisition, when the
opportunity arises".
In addition, Exor intends to use part of the proceeds of the
transaction to launch a new buyback program of 1 billion euros.
Exor confirms its full commitment as a long-term shareholder of
Ferrari.
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