The saga ofAgnelli legacy continues. After 21 years since the death of patriarch Gianni Agnelli, the clash between the daughter Margherita and sons of Alain Elkann for control of the vast family fortune is more intense than ever. The central issue revolves around the dispute for control of the financial company December, which represents the safe of the empire Exor, which includes among its jewels companies of the caliber of stellantis, Ferrari, Cnh, Cheetah, Economist, Philips e Ingot, with overall assets exceeding 30 billion euros. Margherita – writes Milano Finanza – claims “at least” 54% of the company and, if his request were accepted, there would be a reversal of the control structures currently held by the three Elkann brothers, with John which owns 60% e Lapo e Geneva the remaining 20% each.
Agnelli legacy: here's what's happening
The heart of the controversy lies in the legal actions taken by Margherita for cancel the 2004 succession agreements, for which he received 1,3 billion euros but which guaranteed John Elkann control of December. Margherita claims that these transfers were made through indirect donations by Marella Caracciolo, her mother and wife of the Lawyer, and without full respect for her father's will and inheritance laws and, therefore, invalid.
These agreements have ended up at the center of investigations conducted by the Turin prosecutor's office, which aim to verify the validity of signatures on significant documents - which could be "apocryphal" - such as testamentary updates and real estate rental contracts in Italy, as well as on actual residence of Marella in Italy rather than in Switzerland. In detail, the judiciary is investigating Elkann, the accountant Gianluca Ferrero (current president of Juventus) and the Swiss notary Urs von Grünigen.
Elkann and Ferrero appealed against the search warrant issued by the reviewing court. The yellow flames searched the offices of Ferrero, the fiduciaries involved (P Fiduciaria, Simon and Sofegi) and John Elkann's residence in Villa Frescot, seizing a series of paper documents and computer material.
Margherita raises doubts about the ownership of the shares
The investigators are carefully scrutinizing the quota passages which occurred over the course of over 20 years, from the time of Giovanni Agnelli's death up to the current corporate structure. Margherita raises doubts about legitimacy of ownership of December by the three children.
In 2002, a year before the lawyer's death, he held 25,37% directly and the usufruct of 24,88% together with Marella, Margherita and John Elkann. After his death, according to the December statute, his wife, daughter and granddaughter rose to 33,33% each. However, on the same day of Agnelli's death, Marella gives John 25,38% of December, thus bringing his share to 58,71%.
Margherita objects that her son could not increase his share because he was not his grandfather's heir. In 2003, at a critical moment for Fiat, the Agnelli family decided to recapitalize the Accomandita Giovanni Agnelli for 250 million euros, with contributions from shareholders (3,3 million from Marella, 36 million from Margherita and 56 million from John). Margherita claims that these funds were part of Agnelli's estate and did not come from her son's personal financial resources. In 2004, the family signed thesettlement agreement and succession agreement: Margherita sold her shares to her mother, which rose to 41,29%, keeping John at 58,71%. However, Margherita questions its validity, claiming it was a simulation. Subsequently, Marella transfers the bare ownership of 1,29% to John and 20% to Lapo and Ginevra, starting the company's current corporate structure.
Agnelli legacy: if Margherita Agnelli were to win?
If Marella's will were declared invalid, she could be the only heir and claim at least 50% of the December shares donated by the grandmother. If the settlement agreement and the share sales were also cancelled, Margherita could achieve up to 58,2% in December, thus obtaining control of the company and Exor.
On the other hand, John Elkann's lawyers totally reject Margherita's claims, maintaining that the division of Dicembre's shares occurred legitimately and reflecting the clear and binding will of Lawyer Agnelli. They contest the validity of the legal actions taken by Margherita, suggesting that her legal actions are driven by personal motivations and not based on solid legal foundations.
Whether it is a Shakespearean comedy or a modern drama, one thing is certain: the Agnelli legacy has become the stage for a legal spectacle that would have made even the most cynical of playwrights pale.
