John Elkann is calling for money and preparing for new strategic moves: Exor announced the 4% sale di Classic Ferrari for sale, equal to approximately 7 million shares, for an expected proceeds of 3 billion euros. Part of this sum – 1 billion – will be allocated to a buyback, while the rest will be destined for a large acquisition, still top secret.
For the sale, Exor has chosen the formula ofaccelerated bookbuilding, a flash offer aimed at institutional investors. A move that reduces the concentration of the portfolio of the Agnelli-Elkann family holding, currently heavily unbalanced on Ferrari, and to raise liquidity for new operations. The bookbuilding, with Goldman Sachs Bank Europe and JP Morgan as joint global coordinators and Societé Générale as joint bookrunner, started immediately after the announcement and could close at any time. The completion of the operation is expected for March 3, 2025.
Exor cashes in on Ferrari, but remains in command
Over the years, Ferrari has become the most valuable jewel in the Exor portfolio, representing 50% of the holding's net asset value (NAV). With this sale, Exor is rebalancing its financial strategy without giving up leadership on Maranello: after the operation, it will retain 20% of the economic rights and 30% of the voting rights.
On the front governance, no changes: the agreements with Piero Ferrari and his trust remain unchanged, guaranteeing a voting block close to 50%. In addition, Exor has undertaken a 360-day lock-up commitment on the Ferrari shares that it will keep in its portfolio, a sign of a still strong bond with the Rossa.
Maranello, for its part, is not standing by and watching. The car manufacturer has announced that will buy back up to 10% of the shares put up for sale, with a maximum investment of 300 million euros. This purchase of own shares – explains a note from the Cavallino – is part of the 2 billion buyback plan launched in 2022 and financed with the company's liquidity reserves. On February 20, 2025, the car manufacturer completed the sixth tranche of this program, launched on December 5, 2024.
John Elkann: “Ferrari has tripled the value of Exor”
John Elkann underlined the importance of the Prancing Horse for Exor: “Over the past ten years, Ferrari’s performance has been a key factor in tripling Exor’s NAV. Thanks to Ferrari’s success, its share of our NAV has increased from approximately 15% to 50%. This transaction will allow us to reduce the concentration of our portfolio, fostering greater diversification through a significant new acquisition. Our support for Ferrari and our confidence in its future remain unchanged. Our commitment to remain Ferrari’s largest shareholder in the long term is stronger than ever.”
