Exor renews Ferrari shareholder agreement with founder's son
Formula One F1 - Italian Grand Prix - Autodromo Nazionale Monza, Monza, Italy - September 11, 2022 Piero Ferrari before the race REUTERS/Jennifer Lorenzini
MILAN, Jan 3 : The Agnelli family investment company Exor and Ferrari founder's son Piero Ferrari have agreed to renew a shareholder agreement governing the Italian luxury sportscar maker, they said on Saturday.
A 10-year agreement, which expires on Sunday, has been extended until January 4, 2029, with an automatic renewal for three further years, unless terminated by the parties, Exor and Piero Ferrari said in a statement.
Based on the agreement, the parties will work to coordinate their positions on matters to be resolved at Ferrari shareholder meetings, and have reciprocal rights of first offer in the case of transfers of Ferrari shares.
Exor owns around a 20 per cent stake in Ferrari, while Piero Ferrari is the company's second-largest investor with a 10.6 per cent stake.
Between them, they hold more than 48 per cent of voting rights.
Exor CEO John Elkann, the scion of the Agnelli family, is the chairman of Ferrari. Piero Ferrari is vice chairman and a non-executive board member.
