Agnellis Family Sells €3 Billion Ferrari Stake to Fund M&A Deal
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The Agnelli family sold a €3 billion ($3.14 billion) stake in Ferrari NV to fund what it calls a “sizeable new acquisition” and stock buyback.
Exor NV, the investment vehicle of the Agnelli clan, sold around seven million common shares in the luxury carmaker, according to a statement Thursday. Part of the proceeds will be used for an M&A transaction, with €1 billion earmarked for a share buyback, the company said.