Ferrari has announced a treasury share buyback plan of up to 100 million euros. The timing of the plan, which provides for the buyback in several tranches of ordinary shares, will depend on market conditions and currently does not present an obligation, rather an opportunity.
The decision was taken by the shareholders' meeting last April, which authorized the acquisition of up to 10% of the ordinary shares within 18 months of the meeting.
The program announced by the company led by Sergio Marchionne has the objective of optimizing the group's equity structure. Despite a very negative day (the share lost almost 1% in Milan at 98,24 euros), the Reds has gained 15,15% on the stock market since the beginning of the year, reaching the historic record of 105 euros per share last 2 February.
The buyback will be able to further increase the stock and strengthen the shareholding structure.
