Piero Ferrari, the second largest shareholder of the house in Maranello and son of the founder Enzo, created a family trust to manage his approximately 10% stake in the company, as stated in a filing from the US regulator, given that Ferrari it is also listed in New York.
The decision aims to outline the succession plans in relation to the shareholding structure of the ei group beneficiaries of the trust they will be there daughter Antonella and nephews Enzo Mattioli Ferrari and Piero Galassi Ferrari.
The trust, established pursuant to Jersey law, has its headquarters in Modena and represents "a useful instrument for preserving the unity" of Piero Ferrari's current stake in the Ferrari group, reads the document published late yesterday evening .
Piero Ferrari, 77, transferred the "bare ownership” of its shares, whose value amounts to approximately 4 billion euros at current stock market values, while retaining i voting rights in society, which exceed 15%.
Ferrari family trust: the decision modifies the agreement signed in 2015 with Exor
Last December 12th Piero Ferrari established the trust with the aim, among other things, of "guaranteeing the well-being of descendants through a single long-term strategy in the management of the shareholding in Ferrari", reads a filing with the SEC (Ferrari is also listed on the New York).
In connection with this, on December 16 Exor, Piero Ferrari and the trust entered into an agreement to join and amend the agreement reached at the end of 2015 with the holding company of the Agnelli family (major shareholder of Ferrari with a stake of approximately 24%).
Enzo Mattioli Ferrari e Franco Ravanetti (independent consultant in the area of corporate finance) are, respectively, the trustee and custodian of the trust.
